Ketchup giant The Kraft Heinz Company (KHC) on Monday named Miguel Patricio to succeed Bernardo Hees as Chief Executive Officer, effective July 1, 2019.
Among his achievements is the turnaround of the AB InBev China business, as Kraft Heinz prepares for a new era with a brand builder at its helm.
Miguel Patricio served at AB InBev as its Global Chief Marketing Officer from 2012 to 2018, and is said have been instrumental in lifting the organic sales of brands such as Corona, Budweiser and Stella Artois to high single digits.
“Kraft Heinz is an incredible company with iconic brands that are loved around the world,” the CEO-initiate weighed in. “It will be a privilege and an honor to lead such a talented group of employees as we focus on the consumer to capitalize on the growth opportunities that exist in the rapidly evolving food industry.”
This seems to be a redeeming step for Kraft Heinz that saw its stock plunge shortly after it posted disastrous fourth-quarter results back in February. On top of the company missing Q4 earnings and revenue estimates, it disclosed details about an SEC investigation into the company’s accounting policies.
Kraft Heinz revealed that the SEC had sent a subpoena to the company in October 2018, and that pursuant to the SEC document request, the company launched an investigation with external counsel. In conclusion, Kraft Heinz recorded a $25-million hike to costs of products sold as an out-of-period correction.
Kraft Heinz then added that it would implement measures to eliminate the likelihood of such accounting lapses occurring in the future, along with announcing its cooperation to any SEC investigation on the same.