Kraft Heinz CEO Bernardo Hees leaves

  • Push-out Score determined
  • After about six years in the position
  • Accolades, praise and thanks for Hees
  • Miguel Patricio taking over
  • Hees kept it short and said 39 words

(exechange) — Pittsburgh, Pennsylvania & Chicago, Illinois, April 22, 2019 — This news came the day after Easter Sunday. Bernardo Hees, chief executive of Kraft Heinz, leaves. As announced by Kraft Heinz Co. in a news release and in a regulatory filing published on Monday, April 22, 2019, Bernardo Vieira Hees leaves his post as chief executive officer at the food company after about six years in the role, effective June 30, 2019.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.6 years, according to data compiled by exechange.

Bernardo Hees’s duties will be taken over by Miguel Patricio, currently chief of special global projects-marketing of Anheuser-Busch Inbev SA/NV.

The fact that Bernardo Hees’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.

In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.

“To focus on other projects as a Partner of 3G Capital”

Bernardo Hees’s departure from the CEO post is explained as follows. Kraft Heinz said: “Bernardo Hees, the Company’s Chief Executive Officer, will leave the Company effective June 30, 2019 to focus on other projects as a Partner of 3G Capital.”

“Succeed”

Kraft Heinz said: “Mr. Patricio will succeed Bernardo Hees, who will remain CEO through June 30, 2019, to ensure a seamless transition.”

Share price decline

The announcement follows a decline in The Kraft Heinz Company’s share price of 66 percent since February 2017.

Chaired by Alex Behring

The Kraft Heinz Company is chaired by Alex Behring.

Behring was appointed Chairman of The Kraft Heinz Company board of directors effective July 2015 and previously served as Chairman of the Heinz board from June 2013 to July 2015.

In the position of CEO since 2013

Bernardo Vieira Hees has been the Chief Executive Officer of The Kraft Heinz Company since July 2, 2015.

Hees has been a Partner of 3G Capital, Inc. since July 2010.

He served as the Chief Executive Officer of H. J. Heinz Company since June 7, 2013 and served as its Chairman and President.

Prior to the merger of Kraft Foods Group and the H.J. Heinz Company in 2015, Hees had been with the H.J. Heinz Company since 2013.

Before joining Heinz, Hees was the Chief Executive Officer of Burger King Worldwide, Inc., following its acquisition by 3G Capital Management in 2010.

Hees also spent 12 years at American Latina Logistica (ALL), Latin America’s largest railroad and logistics provider, serving as CEO and a member of the board of directors from 2005-2010.

He remains a partner at 3G Capital.

Hees earned a bachelor’s degree in Economics from Catholic University in Rio de Janeiro (PUC-RJ). He holds an MBA from the University of Warwick in England and an OPM degree from Harvard Business School.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.

exechange reached out to Kraft Heinz and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 17.2019 ($).