Kraft Heinz, a prominent player in the food industry, has announced Carlos Abrams-Rivera as its incoming CEO, marking a significant leadership transition. Currently at the helm of the company’s North American operations, Abrams-Rivera will officially take on the role of CEO effective January 1st. This transition follows the tenure of outgoing CEO Miguel Patricio.
Until his official takeover as CEO, Abrams-Rivera will continue to fulfill his present responsibilities while also serving as the group president. His three-year tenure at Kraft Heinz has been marked by notable contributions to the company’s operations.
Abrams-Rivera’s journey to Kraft Heinz began after his time at Campbell Soup Co., where he held a prominent role as the president of the snacks business group. His earlier experiences include a two-year stint at Mondelez International.
Miguel Patricio, who has held the CEO position since July 2019, will transition into a non-executive chair role for the Oscar Mayer brand at the start of the coming year. Jack Pope, the lead director of Kraft Heinz’s board, commended the succession planning, expressing confidence in the growth trajectory under Abrams-Rivera’s leadership.
Miguel Patricio, a seasoned executive with two decades at brewing giant Anheuser-Busch InBev, took the reins as CEO in 2019. His appointment followed a period of turbulence for Kraft Heinz, marked by a series of events including an SEC investigation, financial challenges, and asset write-downs.
During his tenure, Patricio undertook strategic initiatives such as workforce reduction and asset divestments, contributing to the company’s stabilization. Notably, Kraft Heinz sold cheese brands to Lactalis and its Planters snack-nut business to Hormel Foods, while also making acquisitions like Companhia Hemmer Indústria e Comércio and Assan Foods.
Patricio praised Abrams-Rivera’s strategic thinking and innovation, highlighting his track record of driving results in both North American retail and away-from-home segments. The CEO transition is expected to align with Kraft Heinz’s ambition for sustained growth.
Shares in Kraft Heinz, which have experienced a decline of over 15% in 2023, registered a 0.8% dip on the day of this announcement.
Kraft Heinz’s selection of Carlos Abrams-Rivera as the upcoming CEO reflects the company’s strategic shift and commitment to charting a path of growth and success in the dynamic food industry landscape.
