Carlos Abrams-Rivera, the current executive vice president and president of Kraft Heinz's North American division, will become the company's next chief executive officer on January 1, 2024.
Miguel Patricio has been in his position as CEO since 2019, but Abrams-Rivera, 56, will be succeeding him, as announced by the food business.
Welcoming New Leader
Jack Pope, the lead director of the Kraft Heinz board, indicated in a statement, "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."
Abrams-Rivera has been a leader in the food and drink business for quite some time and has consistently shown his ability to provide high-quality results, Pope added.
Abrams-Rivera, in a statement, called himself "humbled and honored" by the position of CEO.
In a report by Chicago Tribune, Abrams-Rivera served as executive vice president of Campbell Snacks at Campbell Soup Co. until joining Kraft Heinz in 2020. He has previously held many positions at Mondelez, headquartered in Chicago, including that of president of Mondelez Mexico. Abrams-Rivera's food industry experience began with Kraft Foods Group, where he worked as a senior brand manager.
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Under Previous Management
Patricio, 57, will assume the role of non-executive chair of the board of directors. When he took over as CEO of Kraft Heinz in 2019, the company was still trying to recover from years of falling sales and cost-cutting measures, such as the firing of over 2,000 employees in 2015. Prior to his current position, he worked at Anheuser-Busch InBev for 20 years.
Under Patricio's leadership, the firm stated in 2020 that it would eliminate a total of $2 billion in expenses over the course of five years, with the intention of using the money saved to promote fast-growing brands like Heinz ketchup and Oscar Mayer Lunchables.
A rise in sales occurred because consumers stocked up on nonperishable items to prepare at home in the face of the COVID-19 pandemic.
Chicago and Pittsburgh serve as co-headquarters for this corporation, which has three factories and three distribution hubs throughout the state of Illinois. More than 3,300 people are employed by Kraft Heinz in the state, said the company earlier this summer. The firm has both a research and development center in Glenview, Illinois, and an office in Chicago's Aon Center.
Back in July, the corporation revealed its intention to locate a distribution facility in DeKalb by the year 2025.
According to CNBC, the decline of 15% in Kraft Heinz's stock price this year has reduced the company's market worth to $42.2 billion.
