Kraft Heinz CEO Miguel Patricio explains how he brought the company back from the brink by selling off peanuts and natural cheeses and embracing our nostalgia
Oscar Mayer. Velveeta. Capri Sun. Kraft Heinz CEO Miguel Patricio admits: Some of the company’s iconic products had become “a little bit dusty.” “For a while, we were apologetic about the brands that we had,” Patricio told CNN Business. “We got distracted believing that the future was launching new small brands, niche brands.” Recently, “we stopped and said, let’s go back” to basics, Patricio said. “Let’s be proud of the brands we have. Because they’re incredible.
But they’re also hard to differentiate from competitors. Natural cheese and nuts didn’t fit “our strategy for the future,” Patricio told CNN. “It’s not … where the growth would come from.” Those two categories are particularly exposed to private label, or store brands, he said, and experts agree. Shoppers are “very price driven,” when it comes to these items, said Daniel Hooker, a senior lecturer in applied economics at Cornell University with an expertise in food industry management.
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