Economy

29-Year-Old Prodigy Named Kraft Heinz CFO

29-Year-Old Prodigy Named Kraft Heinz CFO”

Knopf replaces Paulo Basilio, 42, who will become president of Kraft Heinz's US business.

Kraft Heinz announced management changes September 8, including the appointment of Paulo Basilio as Zone President of the USA business and David Knopf as executive vice president and CFO. The food giant was created in 2015 through the merger of two venerable American companies in a deal engineered by Warren Buffett's Berkshire Hathaway and 3G Capital, a Brazilian private equity firm which also controls the world's largest brewer, Anheuser-Busch InBev. The company is mired in an industrywide slowdown: The largest food companies in the US have lost nearly $16 billion in sales over the past three years amid broad shifts in how consumers eat and shop. Heinz merger, initially serving as VP finance, head of global budget and business planning, zero-based budgeting and financial and strategic planning.

3G has a reputation for promoting young executives.

Other young executives promoted by 3G include 37-year-old Daniel Schwartz, who is CEO of Burger King parent Restaurant Brands International.

In addition to working on the 3G-led $11 billion Burger King acquisition of Tim Hortons, he played a prominent role in the $45 billion Kraft Heinz merger. COO George Zoghbi will take a full-time strategic advisor role and work with the board of directors, Kraft Heinz said. Since then, the Pittsburgh-based company been known more for cutting costs than expanding brands. But growth has been elusive.

To keep its expansion going, Kraft Heinz attempted to acquire Unilever earlier this year for $143 billion.

In his new role, Mr. Basilio will be responsible for all facets of Kraft Heinz's USA business.



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