Kraft Heinz CEO pays price for disappointing results

Kraft Heinz CEO Bernardo Hees is to step down on 30 June after a difficult time for the FMCG producer. He will be replaced by Miguel Patricio, currently Chief Marketing Officer at AB InBev.

Crisis

Kraft Heinz is going through a rough patch and stayed well below expectations last year. A huge devaluation of the estimated worth of certain brands even sent the company into a loss and to make matters worse, stock regulator SEC decided to take a closer look into the multinational’s accounts. .

As a result, current CEO Hees is forced to resign. On 1 July he will be succeded by Miguel Patricio, who has been working for the world’s largest brewing company for over two decades and currently holds the post of Chief Marketing Officer.

It is no coincidence that someone from AB InBev is appointed as Kraft Heinz CEO: one of the FMCG producer’s most important share holders is investment fund 3G Capital, which is also an important shareholder at AB InBev.