Kraft Heinz Co. (NASDAQ: KHC) shares were lifted on Monday after the firm announced that it would be making a big change in its executive team.
The board of directors has appointed Miguel Patricio as chief executive officer effective July 1, 2019. Patricio will succeed Bernardo Hees, who will remain CEO through June 30, 2019, to ensure a seamless transition.
Patricio will join the company after a successful career spanning two decades at Anheuser-Busch InBev, where he served as part of the executive leadership team in various positions, driving organic growth and industry-leading margins.
At AB InBev, Patricio served as the global chief marketing officer from 2012 to 2018. In this role, he helped develop and implement a strategic playbook for global brands Corona, Budweiser and Stella Artois, accelerating organic sales growth to high single digits.
Alex Behring, chair of Kraft Heinz’s board of directors, commented:
Miguel is a proven business leader with a distinguished track record of building iconic consumer brands around the globe, driving top-line revenue growth through a focus on consumer-first marketing, innovation, and people development.
I would like to thank Bernardo personally, and on behalf of the Board, for his many contributions to Kraft Heinz over the last six years. He helped transform the food industry by leading the acquisition of Heinz in 2013 and the merger of Kraft and Heinz in 2015. Under Bernardo’s tenure, Kraft Heinz achieved industry-leading margins and sales performance in line with its U.S. peers, developed an organization with best-in-industry quality standards, and built in-house capabilities for category management, including revenue and assortment management. We appreciate his contributions.
Shares of Kraft Heinz were last seen trading at $33.05, in a 52-week range of $31.53 to $64.99. The consensus price target is $36.13.