Patricio, a native of Portugal, will take over the top job in July after two decades at AB InBev
Bengaluru — Kraft Heinz named Miguel Patricio as its next chief executive on Monday, hoping the 30-year marketing veteran will revitalize brands such as Planters nuts and Oscar Mayer bacon at one of the world's largest packaged food companies.
Kraft Heinz's second-biggest shareholder, Brazilian private equity fund 3G Capital, has pushed the company to rein in expenses to tackle higher costs and sluggish growth, a strategy it has successfully implemented at holdings including Heinz and Anheuser-Busch. On top of that, 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 change at the top of Kraft Heinz is a positive development," said Roosevelt Investment Group fund manager Jason Benowitz, which previously held a stake in Kraft Heinz.
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