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.



Like this

Latest


09 September 2017
NC declares State of Emergency ahead of Irma
The storm's speed was expected to slow as the core of the hurricane passed between the Bahamas and the northern coast of Cuba. If Irma sticks to a more westward inland path, it could arrive in Georgia as a weakened tropical storm .

09 September 2017
NFL suspends former Giants kicker Josh Brown for six more games
Back in February, "Good Morning America" aired an interview with Brown , who said that he never hit his ex-wife . The league maintains that announcing Brown's punishment in light of Elliott's situation is purely coincidental.

09 September 2017
Chili's chops 40% of its menu
This has driven them away from sit-down staples like Chili's and toward less traditional chains like Shake Shake and Blaze Pizza. Chili's Grill & Bar (or just Chili's as you likely know it) has chose to make some cuts.

09 September 2017
UC President Janet Napolitano files lawsuit against Trump administration for rescinding DACA
The suit, prepared pro bono by the San Francisco law firm Covington and Burling, seeks an immediate reversal of Trump's decision. The DACA program protected almost 800,000 people from immediate deportation who were brought to the US illegally as children.

09 September 2017
Help end the stigma of talking about mental health
Nationally, 44,193 killed themselves in 2015, the most recent year of statistics-1,410 in MI alone, 32nd in total suicides in 2015.

09 September 2017
Army to recruit women as jawans for first time
Currently, women are allowed in select areas such as medical, legal, educational, signals and engineering wings of the Army. The Indian Army has finalised a plan to induct women in the military police, a senior officer said on Friday.

09 September 2017
Magnitude 8 natural disaster hits Mexico
Smaller tsunami waves were observed on the coast or measured by ocean gauges in several other places. Two people were killed in the state, Chiapas Governor Manuel Velasquez said.

09 September 2017
Unemployment Rate Rises Across NB, But Falls in Saint John and Moncton
Markets trimmed expectations that the Bank of Canada could raise interest rates next month but increased bets on a December move. Statistics Canada said most of the decline in full-time work was concentrated among young Canadians aged 15 to 24 years old.

09 September 2017
Bannon recalls Trump Access Hollywood tape fallout: 'They don't care'
It's unclear if Christie's alleged Billy Bush Weekend heresy was the only factor in his absence from the Cabinet. A spokesman for Christie, Brian Murray, reiterated the governor's position on Friday and refuted Bannon's claim.

09 September 2017
India's First Ever No Fly List Released By Aviation Ministry
It was in late March this year when Shiv Sena MP Ravindra Gaikwad beat up an elderly Air India employee over seat allocation. Level 2: Physically abusive behaviour (pushing, kicking, hitting, inappropriate touching): Ban up to six months.



Recommended