Kraft Heinz Co's incoming chief executive, Miguel Patricio, is indicating a...
CHICAGO - Kraft Heinz Co’s incoming chief executive, Miguel Patricio, is indicating a change in strategy for the packaged food company that could move it away from the aggressive cost-focused culture that has been in place since the company was created in 2015.
“I think the obsession for efficiency has to be much bigger than the obsession for cutting costs,” Patricio, 52, told Reuters on Monday. Kraft Heinz’s outgoing CEO, Bernardo Hees, a 3G partner, told Reuters in September that he was considering M&A to fuel growth. “And to Patricio’s point, it may now be about investing where you need to while maintaining cost discipline. Investors want to see proof that can grow sales.” Weissman said. “It’s good to hear they’re not thinking about an imminent acquisition. From a balance sheet perspective, they’re not there yet.”Under Hees, Kraft Heinz lost half its market value, as it ceded market share to competitors and failed to snap up Anglo-Dutch consumer giant Unilever Plc in a proposed $143-billion merger.
Zero-based budgeting is a pillar of the Kraft Heinz culture, spokesman Michael Mullen said, noting that cost savings help the company increase support for its brands, drive innovation, and invest in top-tier talent.
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