Kraft Heinz picks new CEO as sales slump in the face of higher prices

Kraft Heinz Co. has appointed Miguel Patricio as its new chief executive officer, hoping to turn around the fortunes of the iconic food giant after it has struggled due to higher prices and changing consumer habits.

Patricio comes to Kraft Heinz from Anheuser-Busch InBev SA, where he was the global chief marketing officer. He is known for his work in emerging markets, which may come in handy for Kraft Heinz as it looks to expand its operations in those regions.

Patricio is taking over from current CEO Bernardo Hees, who announced he was stepping down in April after six years in the job. Hees has been credited with thriving the company through difficult periods, but he was unable to reverse the decline in revenue and profit the company has been suffering from, due in part to higher prices and stiffening competition.

Patricio has his work cut out for him as he looks to revitalize Kraft Heinz’s business. He will need to focus on cost-cutting, while also ramping up the company’s marketing efforts and looking for new growth opportunities. He may also need to focus on pushing Kraft Heinz’s products into healthier categories, as consumers turn to healthier alternative products.