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A-Brands

Kraft Heinz To Name CEO Patricio As Chair

By Dayeeta Das
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Kraft Heinz To Name CEO Patricio As Chair

Packaged food maker Kraft Heinz Co said it plans to appoint chief executive officer Miguel Patricio as its chair, replacing Alexandre Behring who will retire at the annual shareholder meeting in May.

Patricio, 55, joined Kraft's board in March last year and has previously served as the marketing head of Budweiser maker Anheuser-Busch InBev.

"We look forward to working with Miguel [Patricio] as chair," Berkshire Hathaway's Greg Abel said in a statement. The Warren Buffett-led company is Kraft Heinz's largest shareholder, according to Refinitiv data.

Patricio commented, “[Behring]'s contribution to Kraft Heinz has been invaluable and his impact will continue to be felt for many years. I am truly honoured at the opportunity to succeed him as chair.”

James Park

Kraft Heinz also said that it had nominated James Park, who co-founded Fitbit Inc, as a board member.

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He is a technology entrepreneur with a strong track record of ideating and operating successful technology companies.

Park was also the co-founder of Epesi Technologies, Inc. and the online photo sharing company, Wind-Up Labs, Inc., which was acquired by CNET Networks, Inc. in 2005.

In 2015, he featured in Fortune magazine's 40 Under 40 – an annual ranking of the most influential young people in business.

Patricio stated, “Technology and digital capabilities are extremely important elements of our continuing business strategy. His [James Park's] background and experience will be especially valuable to Kraft Heinz and the board as we begin the next phase of our transformation.”

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The packaged food company sailed past market estimates for quarterly earnings last week as it benefited from higher prices.

News by Reuters, additional reporting by ESM – your source for the latest A-Brands news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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