- Push-out Score suggests push-out forces
- After around four years on the job
- David Knopf taking over
- Basilio will remain as Zone President of the United States business at Kraft Heinz
(exechange) — Pittsburgh, Pennsylvania & Chicago, Illinois, September 08, 2017 — Paulo Basilio, finance chief of Kraft Heinz, leaves the position. It is a change at short notice. As announced by The Kraft Heinz Company in a news release on Friday, September 08, 2017, Paulo Luiz Araujo Basilio leaves the post as Chief Financial Officer at the food and beverage company after around four years on the job, effective October 01, 2017.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past twelve months was 5.6 years, according to data compiled by exechange.
Basilio’s duties are taken over by David Knopf, currently Vice President and Category Head of the Planters business at The Kraft Heinz Company.
Basilio’s move is part of a management shake-up also involving the position of Chief Operating Officer.
Basilio will remain as Zone President of the United States business at Kraft Heinz
Kraft Heinz said: “Kraft Heinz today announced certain management changes, all to be effective October 1, 2017, including the appointment of (a) Paulo Basilio, 42, currently Executive Vice President and Chief Financial Officer, as Zone President of the United States business, and (b) David Knopf, 29, currently Vice President and Category Head of the Planters business, as Executive Vice President and Chief Financial Officer.”
Share price decline
The change follows a decline in the share price of The Kraft Heinz Company since June 2017.
Berkshire Hathaway holds 26.74 percent stake
Berkshire Hathaway, Inc. reported a 26.74 percent stake in The Kraft Heinz Company as of June 29, 2017.
Berkshire is the largest shareholder in Kraft Heinz and controls the company along with private equity firm 3G Capital.
Chaired by Alexandre Behring
The Kraft Heinz Company is chaired by Alexandre 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.
He also serves as the Executive Chairman of the Board of Restaurant Brands International, Inc., the parent company of Burger King and Tim Hortons, quick service restaurant companies, since October 2014.
Previously, he served on the Board of Burger King Worldwide, Inc. and its predecessor as chairman from October 2010 until December 2014. He has also served as a director of Anheuser-Busch Inbev, a global brewer, since April 2014.
Behring is a co-founder of 3G Capital and has been its managing partner and a director since 2004.
CEO: Bernardo Hees
Bernardo Hees serves as CEO of The Kraft Heinz Company. 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.
On the job as CFO since 2013
Paulo Basilio served as the Chief Financial Officer of The Kraft Heinz Foods Company since June 7, 2013.
Paulo Basilio is Executive Vice President and Chief Financial Officer of The Kraft Heinz Company.
He is responsible for all finance functions.
Basilio joined Heinz in 2013 as Chief Financial Officer and has been a Partner of 3G Capital, Inc. since July 2012.
He served as the Chief Executive Officer of America Latina Logistica (ALL) from 2010 to 2012 and also served as its Chief Operating Officer, Chief Financial Officer, Commercial Officer and Analyst.
Basilio holds a bachelor’s degree in economics from Universidade de Brasilia and a M.Sc. in economics from EPGE/Fundacao Getulio Vargas (FGV).
In his new role, Basilio will be responsible for all facets of the Company’s U.S. business.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Paulo Basilio’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 37.2017 ($).