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Kraft Heinz Replaces Finance Chief

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Kraft Heinz Food Company named Paulo Basilio as their new chief financial officer, starting September 1.

Basilio, 44, previously worked as CFO from July 2015 to October 2017 before 3G Capital’s David Knopf replaced him at the role.

Following a transition period, Knopf will go back to the Brazilian investment company, where he is also a partner.

The regulatory filing confirming the change describes Basilio as a “seasoned veteran”. He served as CFO at H.J Heinz before Warren Buffett’s Berkshire Hathaway and 3G Capital bought Kraft Foods and merged it with Heinz.

After he left Kraft Heinz, he served as president of United States commercial business. In July, he was tipped as the organization’s chief business planning and development officer.

For the most part of 2018, the food giant underwent a series of struggles, sending shares down 57 percent.

In February, the firm revealed a subpoena from the Securities and Exchange Commission four months earlier related to its accounting policies and internal controls. It also made a $15.4 billion write-down on Kraft and Oscar Mayer, two of its largest brands.

In May, the business said that it will have to restate its financial statements for 2016 and 2017 following a review into its procurement and accounting plans – caused by the SEC subpoena – uncovered employee misconduct. No senior executives were implicated during an internal appraisal.

“As Kraft Heinz charts a new path forward, CEO Miguel Patricio today announced several key changes to his senior Leadership Team,” spokesman Michael Mullen said in a statement.

“These moves are designed to rebuild the company’s business momentum with a focus on driving long-term profitable growth.”

The firm additionally announced Nina Barton, the president of the Canada zone and digital growth, as the new chief growth officer, an entirely new created position. Bruno Keller, chief of category development in Canada, will take over from Barton as the zone president of Canada.

Basilio’s return to the CFO role comes after the replacement of Kraft Heinz’s CEO in April. Bernando Hees officially left his position as CEO and was replaced by Anheuser-Busch InBev’s Miguel Patricio.

Patricio served as chief marketing officer at AB InBev from 2012 through 2018, leading some people to hope that he would add a broader focus to Kraft Heinz’s marketing.

3G Capital’s strategy has centered on driving growth by making acquisitions and reducing costs, which lead to a lack of investment in Kraft Heinz brands such as Oscar Mayer.

And since deal opportunities have been scarce, sales have grown inert. Kraft Heinz shares ascended less than 1% in trading on Monday.

Source Link: https://www.cnbc.com/2019/08/26/kraft-heinz-says-paulo-basilio-to-return-as-cfo.html

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Ezra Ondara

Ezra Ondara

Ezra Ondara is a freelance writer and journalist with a keen interest digital marketing, finance, real estate and insurance. He has a nose for news in these key areas and is determined to keep online readers and enthusiasts up to date with real stories as they happen from all around the globe. When he’s not poking his nose into the business world, he will be watching the Premier League over the weekend or out of town with his family.

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