Kraft Heinz has appointed a new global CIO to deliver an AI growth recipe
when 3G Capital Partners, its second-largest investor after Warren Buffett’s Berkshire Hathaway, sold just over 25 million shares.
New CEO Miguel Patricio, who joined Kraft Heinz in the summer from brewing powerhouse Anheuser-Busch InBev, has pledged to get the company back on track by ensuring it focuses more on driving revenues and less on cost-cutting. Azzarita, who worked at Procter & Gamble and Mondelez International before joining Kraft Heinz in 2017, intends to digitize more internal processes and to step up use of artificial intelligence inside the company to help drive growth.
Among the things on his menu: machine-learning models that crunch data such as historical sales, rivals’ current promotions and macroeconomic variables to recommend optimal promotions for Kraft Heinz brands, and other models that help it figure out the best mix of media to use to advertise products. It will take much more than smart software to turn around Kraft Heinz’s fortunes, but the company did. Its adjusted earnings per share of $0.69 comfortably exceeded market expectations of $0.54 per share. In a research note, Erin Lash, a director of consumer-sector equity research at Morningstar, called the results “a modest positive compared with the dire performance the business has chalked up over the past few years.
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