- After about four and a half years in the position
- Praise and thanks for Patricio
- Carlos Abrams-Rivera taking over
- Patricio will remain as Non-Executive Chair at Kraft Heinz
- Patricio said 98 words
(exechange) — Pittsburgh, Pennsylvania & Chicago, Illinois, August 14, 2023 — Miguel Patricio, chief executive of Kraft Heinz, leaves his position. As announced by Kraft Heinz Co. in a news release and in a regulatory filing published on Monday, August 14, 2023, Miguel Patricio leaves his post as chief executive officer at the maker of sliced cheese and ketchup, after about four and a half years in the role, effective December 31, 2023.
Miguel Patricio’s duties as CEO will be taken over by Carlos Abrams-Rivera, currently President of the North America Zone at Kraft Heinz Co.
The planned management change is explained as follows. Jack Pope, Lead Director of the Board, stated: “The transition from Miguel to Carlos reflects the Board’s thoughtful succession planning and we are confident that the Company will continue to accelerate growth with Carlos assuming the role of CEO.”
Patricio will remain as Non-Executive Chair of the Board at Kraft Heinz
Kraft Heinz stated: “Patricio will transition to the role of Non-Executive Chair of the Board on January 1, 2024.”
Kraft Heinz said: “Abrams-Rivera will take over as CEO from Miguel Patricio, who has served as the Company’s CEO since 2019 and Chair of the Board since 2022.”
Share price decline since August 2022
The announcement follows a decline in Kraft Heinz Co.’s share price of 8% since August 2022.
In the position of CEO since 2019
Miguel Patricio became CEO of the Company in 2019.
Miguel Patricio has served on the Company’s Board since May 2021 and has been the Company’s Chief Executive Officer since June 2019 and the Company’s Chair since May 2022.
Before joining Kraft Heinz, Patricio was previously with Anheuser-Busch InBev SA/NV (“AB InBev”), a multinational drink and brewing holdings company, where he served as Chief of Special Global Projects – Marketing from January 2019 to June 2019, as Chief Marketing Officer from 2012 to December 2018, and in various zone president and marketing leadership roles from 2005 to 2012.
He was Chief Marketing Officer of Companhia de Bebidas das Americas S.A., a Brazilian brewing company and predecessor of AB InBev, from 1999 to 2004.
Patricio previously served as Vice President, Marketing at Philip Morris International Inc., an international tobacco company, from 1997 to 1999, as Global Marketing Director for The Coca-Cola Company, a global beverage company, from 1996 to 1997, and as Global Marketing Director at Johnson & Johnson, a pharmaceutical and medical device company, from 1989 to 1995.
98 words by Miguel Patricio
In the news release announcing his departure as CEO of Kraft Heinz Co., Miguel Patricio received praise and thanks.
In announcing his departure, Miguel Patricio said 98 words.
“Poised for more growth”
Miguel Patricio stated: “Carlos is the best person to lead the next phase of the Company’s transformation. His strategic and innovative mindset is ideal to continue to propel Kraft Heinz forward on our path to greatness. Since joining Kraft Heinz in 2020, he has consistently delivered strong results in the North American retail and Away From Home businesses. Carlos’ experience in both developed and emerging markets complements our ambition for growth. I feel privileged to entrust Carlos with the leadership of this great company, and I am confident that Kraft Heinz is poised for more growth in the years to come.”
Push-out Score for Miguel Patricio’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Miguel Patricio was pushed out or felt pressure to leave his position.
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 34.2023 ($).