Heinz executives to dominate Kraft Heinz leadership

30 Jun 2015 | Author: | No comments yet »

10 Kraft execs to hit the exits following Heinz merger.

Kraft and Heinz, which is controlled by Brazilian investment firm 3G Capital Partners LP, on Monday announced several appointments to key leadership positions. Two days before Kraft Foods Group shareholders are scheduled to vote on the planned merger that will create the third largest food and beverage company in North America, the new senior leadership slate of Kraft Heinz was detailed with roles for 20 executives, including Heinz CEO Bernardo Hees.Ahead of the closing of its proposed merger, on Monday the soon-to-be-created Kraft Heinz Co. unveiled its senior leadership team, with Heinz employees taking many of the top executive positions.Ten of the 12 top positions at the new Kraft Heinz will be filled by former Heinz employees, leading to the departure of at least 10 high-ranking Kraft Foods executives, the prospective company said today in a statement.

“Our new leadership team represents the best of the best in business with proven track records for delivering results,” said Bernardo Hees, future CEO of the proposed Kraft Heinz Company. “I am thrilled that this world-class group of executives will join me to further strengthen our iconic brands with our industry-leading go-to-market strategies, innovation pipeline, and global infrastructure.” Paulo Basilio is appointed EVP and Chief Financial Officer. Three Kraft officials will be staying on only long enough to help with the transition, while seven others are slated to exit the new company within 30 days of the merger, according to a press release from the company, which will be co-headquartered in Pittsburgh and Northfield, Ill. He was promoted by Kraft CEO John Cahill in February to executive vice president of growth initiatives and president of its international business. • Diane Johnson May, Kraft’s executive vice president of human resources, is scheduled to depart in December.

Within weeks of that deal’s closing, top executives departed and the new management team went to work cutting employees and costs from corporate headquarters to the factory floor. The Kraft-Heinz merger, which was announced in March, will bring together iconic brands like Oscar Mayer deli meat and Ore-Ida Bagel Bites in a deal investors have pegged at around $49 billion.

Once the deal closes, some of Heinz’s top executives will remain in roles similar to those they were given in June 2013, when Heinz was acquired by Berkshire Hathaway and 3G Capital. From Kraft, Chief Operating Officer George Zoghbi will lead the combined company’s U.S. commercial business, which will have more than $19 billion in sales. Kraft executive Jim Savina was promoted to general counsel. 3G cut many jobs at Heinz after it took over and shuffled management positions—sometimes repeatedly. Werneck joined Heinz in July of 2013 and led Heinz’s talent development and the Integrated Management System, which includes the Management by Objectives (MBO) Program.

Magnesen joined Kraft in 1991 and most recently served as President of the Oscar Mayer division, which includes management of Oscar Mayer and Lunchables. Rucker, EVP, Corporate & Legal Affairs, General Counsel and Corporate Secretary; Robert Gorski, EVP, Integrated Supply Chain; Jane Hilk, Chief Marketing Officer and President, Beverages & Snack Nuts; Dave Ciesinski, President of Meal Solutions; Fred Paglia, President, Foodservice and U.S. Heinz Company, offering “Good Food Every Day”? is one of the world’s leading marketers and producers of healthy, convenient and affordable foods specializing in ketchup, sauces, meals, soups, snacks and infant nutrition.

Heinz provides superior quality, taste and nutrition for all eating occasions whether in the home, restaurants, the office or “on-the-go.” Heinz is a global family of leading branded products, including Heinz® Ketchup, sauces, soups, beans, pasta and infant foods (representing over one third of Heinz’s total sales), Ore-Ida® potato products, Weight Watchers® Smart Ones® entrées, T.G.I. Certain of the matters discussed in this release constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995.

Words such as “will,” “access,” “focus,” “deliver,” “work” “continue” or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. The registration statement was declared effective by the SEC on June 2, 2015 and the definitive proxy statement/prospectus has been mailed to stockholders of Kraft.

SHAREHOLDERS OF KRAFT ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

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