Kraft Heinz, the food giant behind brands such as Oscar Mayer and Maxwell House, has announced that its North American president, Carlos Abrams-Rivera, will become its new CEO next year.
Abrams-Rivera will succeed Miguel Patricio, who has led Kraft Heinz since 2019. Patricio took over as chief executive as the company faced challenges such as slumping sales, brand write-downs and investor scrutiny. Patricio will stay on as chair of the board after he steps down in January.
Abrams-Rivera joined Kraft Heinz in February 2020, just before the Covid-19 pandemic boosted demand for many of the company’s products. He has delivered strong results in the North American retail and away-from-home businesses, according to Patricio. Abrams-Rivera has also worked at Kraft, Mondelez and Campbell Soup in his food industry career.
“Carlos’ experience in both developed and emerging markets complements our ambition for growth,” Patricio said in a statement.
Ahead of the CEO transition, Abrams-Rivera will become president of Kraft Heinz, adding new responsibilities to his current role.
Kraft Heinz shares have fallen 15% this year, as higher prices and lower promotions have hurt its demand. The company is looking to revive its iconic brands and expand its digital and subscription services.
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