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The Kraft Heinz Company is facing a slump as its sales spiral down amid the high cost and prices. Amid the difficult business environment, the company is replacing its CEO, which means Miguel Patricio is stepping down.
Kraft Heinz said Patricio will still work for the company but will now hold a non-executive chairman position. The food and beverage manufacturer appointed Carlos Abrams-Rivera as the next chief executive officer. Before this appointment, he was the president of Kraft Heinz’s business in North America.
Abrams-Rivera’s promotion was announced by the company on Monday, Aug. 14. Then again, it will not be until Jan. 1, 2024, that he will formally take over the CEO role.
Patricio will vacate his office after holding the reins for four years, and he helped increase Kraft Heinz’s sales when he took over in 2019. According to CNBC, under the leadership of Patricio, the company tried to revive some of its iconic brands, such as Maxwell House and Oscar Mayer, and he succeeded by introducing new products that the younger generation of customers would like.
However, the demand has been dropping recently because high prices are pushing away customers, especially the budget-conscious ones. It was reported that Kraft Heinz’s shares fell 15% this year, bringing its market value down to %42.2 billion.
“Carlos is the best person to lead the next phase of the Company’s transformation,” Patricio said in a press release on the appointment of Abrams-Rivera. “His strategic and innovative mindset is ideal to continue to propel Kraft Heinz forward on our path to greatness.”
He added, “Since joining Kraft Heinz in 2020, he has consistently delivered strong results in the North American retail and Away From Home businesses. Carlos’ experience in both developed and emerging markets complements our ambition for growth. I feel privileged to entrust Carlos with the leadership of this great company, and I am confident that Kraft Heinz is poised for more growth in the years to come.”
Photo by: Pedro Durigan/Unsplash
