Food major Kraft Heinz CEO to step down

Food maker, Kraft Heinz CEO Bernardo Hees will step down from the post and be succeeded by Miguel Patricio in July.

Patricio worked in various roles at Anheuser-Busch InBev over 20 years, including serving as Chief Marketing Officer. He's also worked at companies including Philip Morris, The Coca-Cola Co. and Johnson & Johnson.

Bernardo Hees is working with the organization since 2013 He previously served as CEO of The H.J. Heinz Company, Burger King Corporation, and America Latina Logistica, Latin America's largest railroad and logistics company. Hees is also a partner in the global investment firm 3G Capital.

Patricio’s appointment comes two months after Kraft Heinz slashed its quarterly dividend, wrote down the value its marquee Kraft and Oscar Mayer brands and other assets by more than $15 billion. It also disclosed that it had been subpoenaed by the U.S. Securities and Exchange Commission.

“The change at the top of Kraft Heinz is a positive development,” said Roosevelt Investment Group fund manager Jason Benowitz, which previously held a stake in Kraft Heinz.

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