Kraft Heinz management takes shape

Kraft Heinz management takes shape

A next step in the merger of food giants Kraft Foods and Heinz is the revealing of its new management team, in which Heinz will occupy eight out of the ten seats.

Heinz takes care of day-to-day business

Current Heinz CEO Bernardo Hees retains his function in the merger company, while the new CFO, Paulo Basilio, also stems from Heinz. The board of directors will also have slightly more Heinz representation, with six members for the ketchup company and five for Kraft Foods. Almost he complete Kraft management, including CFO James Kehoe, will leave the company before the end of the year: only Jim Savina and George Zoghbi will survive the merger.

 

On 1 July, shareholders will have to approve the merger that will see Berkshire and 3G Capital (Heinz' owners since 2013) obtain 51 % of shares and day-to-day control, while remaining shares will go to Kraft Foods. Most likely, a round of cost-cutting measures will follow, similarly to what happened at Heinz - which improved its first quarter profits 41 % despite lower turnover.

Questions or comments? Please feel free to contact the editors


Arket Brussels opens: discover H&M's latest concept

14/09/2017

On Friday 15 September, H&M Group’s new store formula opens its doors on the Guldenvlieslaan in Brussels. The press got a sneak preview and discovered a surprising mixture of fashion, interior design and food. 

Nordstrom opens store without storage

13/09/2017

American fashion chain Nordstrom is to trial a new store formula in Los Angeles next month, in which customers will only be able to get advice and try out clothing. Purchases can be picked up at the store at a later date.

Primark benefits from weaker British economy

12/09/2017

Irish fashion chain Primark takes full advantage of the weak British economy, which prompted its parent company AB Foods to adjust its full-year forecast. The chain will also continue its expansion plans.

Participatiemaatschappij Vlaanderen invests in FNG

11/09/2017

Government investment fund Participatiemaatschappij Vlaanderen (PMV) will invest 15 million euro in fashion group FNG in return for 5 % of its shares. The money will go towards international expansion.

Gap Inc will focus on Old Navy and Athleta

08/09/2017

American fashion company Gap will alter its internal strategy and turn its attention to Old Navy and Athleta. Gap and Banana Republic, which both received the most attention up until now, will have to step aside.

Global Fashion Group cuts losses

08/09/2017

Global Fashion Group, the fashion group founded by investment group Kinnevik and Rocket Internet, managed to lower its losses even more in the second quarter. On top of that, turnover grew more than 25 %.

Back to top