Kraft Heinz’s new boss inherits a company where sales have flatlined, a regulatory accounting probe has delayed results and a fresh brand write-down may be looming. Getting back on track will require much more than ruthless cost-cutting, writes alpgomez.
Miguel Patricio, formerly the chief marketing officer of Anheuser-Busch InBev, took over as chief executive at Kraft Heinz on July 1.
The food group is scheduled to report first-half results on Aug. 8. The company delayed the release because of an internal review related to an investigation by the U.S. Securities and Exchange Commission into its accounting practices. The company said on May 6 that the internal review found it had understated the cost of products sold by $181 million between 2015 and the third quarter of 2018.
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