Kraft Heinz top marketer exits, but new CEO is a marketer

Industry Contributor 13 May 2019 - 2 min read

Kraft Heinz top marketer exits, but new CEO is a marketer

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Tags: Miguel Patricio, kraft heinz, marketing, advertising, sales, brand building, Berkshire Hathaway, 3G Capital Partners

Kraft Heinz U.S. chief marketer and global brand officer Eduardo Luz will leave the company at the end of May. His departure follows a number of high profile exits as CPG giant aims to reverse fortunes. But the company is hiring a marketer to step into the CEO’s shoes. (CNBC).

Key points:

Eduardo Luz departs after six years with the company
CEO Bernardo Hees to be replaced by former Anheuser Busch InBev CMO Miguel Patricio
Head of strategic projects Eduardo Pelleissone also departs
Follows $15bn write down and share price plunge
Incoming CEO to focus on speed, sales growth and brand building

Without acquisitions, cost cutting can only go so far. Now Kraft Heinz is swinging back to brand building. Hiring a marketer to lead the company underlines the company’s change of strategy.

Outgoing CEO Bernardo Hees is a partner at major shareholder 3G Capital Partners, which created Kraft Heinz along with Warren Buffet’s Berkshire Hathaway. Analysts have suggested 3G’s approach to efficiency and cost cutting is to blame for the company’s woes. Brazilian billionaire Jorge Paulo Lemann, who owns the private equity firm, has taken that criticism on the chin. “Now we are changing that,” he said last month.

Hees’ replacement, Miguel Patricio, has spent 12 years at AB InBev, five at Brazilian drinks giant Ambev, and held top marketing jobs at Philip Morris, Coca-Cola and Johnson & Johnson. Last year InBev was the most awarded brand owner at Cannes and Patricio is credited with driving strong growth across global brands including Corona, Budweiser and Stella Artois.

Turning around some of the brands within the Kraft Heinz portfolio, or successfully replacing them with new lines that reflect changing consumer tastes, will test the knowledge and craft Patricio has acquired and honed. Investors will be closely watching for signs that he can start to turn the tanker around.