Game-Changing Move: Kraft Heinz Installs Former Marketer as CEO, Setting the Stage for Innovation

In a move set to take effect at the start of the upcoming year, Kraft Heinz has selected Carlos Abrams-Rivera, the current North America president of the corporation and a former marketer for renowned brands, including Mondelez, to assume the role of CEO.

Abrams-Riviera, who has a wealth of experience in the FMCG industry, joined Kraft Heinz in 2020, just before the pandemic hit. His strong track record of delivering impressive results has earned him recognition within the company. Prior to his current role, he served as the president of the snacks division at Campbell's, starting in 2015. Before that, he held the position of Latin America president of gum and candy at Mondelez, after initially joining the company in 2011 as a senior vice-president in marketing and strategy.

Prior to joining Mondelez, he had worked at Kraft Foods Group, which later merged with the H.J. Heinz Company in 2015. Abrams-Rivera began his career in the FMCG industry as a senior brand manager at Kraft Foods Group. Additionally, he possesses an MBA in marketing and strategy.

The departing CEO, Miguel Patricio, has highly commended Abrams-Rivera for his strategic and innovative mindset, believing it will greatly benefit him in his new position. As the new CEO, Abrams-Rivera will be responsible for leading Kraft Heinz as it moves forward with its transformation.

The company's transformation aims to position it as a leader in the future of food and drive growth. As part of this strategy, it plans to revitalize its brands, particularly the Heinz brand, and elevate it to the status of a food icon. Patricio, the company's CEO since 2019, is recognized for his expertise in marketing and consumer insights, which has been instrumental in successfully turning around the business.

In the company's latest performance results, Patricio expressed his satisfaction with the resilience of the company's brands amidst inflation. He emphasized that the company was adhering to a disciplined pricing approach, enabling increased investment in these brands.

During the second quarter, the company managed to offset a 7% decrease in volume through 11% price increases. As a result, the adjusted gross profit margin saw a significant improvement of 180 basis points, reaching 33.3%.

Abrams-Riviera will assume the role of Kraft Heinz's president with immediate effect, though he will officially take on the position of CEO in January. In addition to this new role, he will continue to fulfill his responsibilities as the company's North American president.

Patricio, a former marketer and previously the CMO of AB InBev, will transition to the role of non-executive chair of the board after his tenure as the leader of Kraft Heinz.