Kraft Heinz banks on Anheuser-Busch executive in strategy shift
- Kraft Heinz Co said on Monday it would replace Chief Executive Officer Bernardo Hees with Anheuser-Busch InBev marketing chief Miguel Patricio, as one of the world’s largest packaged food companies looks to reinvigorate its brands after years of cutting costs dented their value.
The broad sector has struggled with rising transportation and commodity costs along with a shift in consumer preferences to more niche health-focused brands. The company’s shares rose about 1 percent in early trading, after more than more than halving in value since H.J. Heinz and Kraft Foods, two of the United States’ biggest food and beverage producers, merged in 2015.
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