Kraft Heinz picks new CEO as sales slump in the face of higher prices

Kraft Heinz's North American president volition go CEO of the nutrient elephantine adjacent year, the institution announced Monday.

Carlos Abrams-Rivera volition instrumentality the reins connected Jan. 1 from Miguel Patricio, who has led Kraft Heinz since 2019. Patricio took implicit arsenic main enforcement arsenic Kraft Heinz struggled with slumping sales, write-downs connected a fistful of its iconic brands and capitalist scrutiny implicit its concern model.

Under Patricio's leadership, the institution has tried to revive iconic brands similar Oscar Mayer and Maxwell House for younger consumers and turn its away-from-home business, with caller products similar a customizable sauce dispenser for restaurants. But request for its products has fallen successful caller months arsenic higher prices propulsion distant budget-conscious consumers and its competitors walk much connected promotions.

Kraft Heinz shares person fallen 15% this year, dragging its marketplace worth down to $42.2 billion. The S&P 500 has risen 16% successful that period.

The promotion is simply a afloat ellipse infinitesimal for Abrams-Rivera, who began his nutrient manufacture vocation astatine Kraft, managing brands similar California Pizza Kitchen and Philadelphia pick cheese, according to his LinkedIn. Later, helium led Mondelez's Latin American gum and candy part and Campbell Soup's snack business. He rejoined Kraft Heinz arsenic caput of its U.S. portion successful February 2020, conscionable earlier the pandemic helped rejuvenate request for galore of the company's products.

"Since joining Kraft Heinz successful 2020, [Carlos] has consistently delivered beardown results successful the North American retail and Away From Home businesses," Patricio said successful a statement. "Carlos' acquisition successful some developed and emerging markets complements our ambition for growth."

Ahead of the CEO modulation connected Jan. 1, Abrams-Rivera volition go president of Kraft Heinz, adding caller responsibilities to his existent role. Patricio volition enactment connected arsenic seat of the committee aft helium steps down successful the caller year.