Kraft Heinz [TCO]made a big move today as the consumer facing company has replaced CEO Bernardo Hees with Miguel Patricio, a marketing executive with experience working with brands such as Anheuser-Busch InBev. There Miguel once served as the Global Chief Marketing Officer (CMO) from 2012 to 2018. He had number of accomplishments including growing the international distribution of Budweiser, Stella Artois and Corona in key markets such as China.
Bernardo Hees had served as CEO of Kraft Heinz since the company was created with the 2015 merger of Kraft Foods Group and H.J. Heinz Co.
Why did Kraft Heinz replace their CEO?
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Prior to the move Miguel spent over a decade with Anheuser-Busch InBev in varoius senior role, most recently CMO; before that Phillip Morris; Coca Cola; and Johnson and Johnson. In February, Kraft Heinz posted its quarterly earnings with a loss of $12.6 billion, or $10.34 per share, this was also due to $15.4 billion non-cash charge. Fourth-quarter sales ticked up modestly to $6.89 billion from $6.84 billion.