Kraft Heinz (KHC) chief executive officer (CEO) Miguel Patricio has announced that he is stepping down after four years at the helm of the packaged food company.
Patricio joined Kraft Heinz in July 2019 and was tasked with helping to reverse years of poor sales and market share losses at the company.
Now, Patricio says he plans to step down early next year (2024) and will be succeeded by Carlos Abrams-Rivera, the president of Kraft Heinz’s North American business.
Patricio, who had previously spent two decades at brewer Anheuser-Busch InBev (BUD), oversaw Kraft Heinz's efforts to revitalize brands such as Oscar Mayer.
When he took over stewardship of the company in 2019, Kraft Heinz had just recorded a $15.4 billion U.S. write-down related to its Kraft and Oscar Mayer brands.
Kraft Heinz also divested its nuts business under Patricio to reduce exposure to private-label competition, while stepping up marketing spend and streamlining its supply chains.
Patricio’s successor, Abrams-Rivera, will take on the added responsibility as president of Kraft Heinz, effective immediately, while Patricio will remain non-executive chair of the board after stepping down, the company said.
Abrams-Rivera joined Kraft Heinz in 2020 and is credited with steering the company's North American business through the Covid-19 pandemic.
Abrams-Rivera takes the helm when demand is easing for Kraft Heinz's packaged meals and condiments as higher prices push consumers to cheaper generic alternatives.
Kraft Heinz’s stock has declined 11% over the last 12 months to trade at $34.24 U.S. per share.
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