Kraft Heinz appoints Carlos Abrams-Rivera as new CEO

"Kraft Heinz taps Carlos Abrams-Rivera as CEO, succeeding Patricio, aims to tackle competition and boost sales amid price increases."

Kraft Heinz (NASDAQ:KHC), a company that makes packed foods, said in a statement on Monday that Carlos Abrams-Rivera will be its new CEO.

Abrams-Rivera, who is currently head of Kraft’s North American business, will replace Miguel Patricio as CEO of the company that makes well-known food brands like Jell-O and Oscar Mayer. Patricio became CEO in 2019. Since then, he has led a wide range of efforts by the group to respond to competition from private-label rivals and boost sales that have been slow.

This month, the company that makes Philadelphia Cream Cheese reported that its net sales for the second quarter were $6.72 billion, which was less than expected. Kraft and its competitors have raised prices on their goods to help offset rising costs of raw materials. However, customers who are already struggling with inflation are starting to buy less because of these changes. Volumes dropped by 5.3% compared to the same time last year.

But the higher prices helped adjusted earnings per share go above what was expected, and the group stuck to its adjusted profit and organic sales goals for the whole year.

Abrams-Rivera will also take over as president right away, Kraft said. This is in addition to his new tasks. Patricio will stay with the group as the non-executive board chair.

In U.S. trade, Kraft’s stock went down by a small amount.

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