Kraft Heinz’s newly-appointed chief executive officer changed finance chief David Knopf on Monday in what he called was a strategic decision, naming the more “seasoned” Paulo Basilio, after the company was compelled to restate past three years of outcomes.
Basilio had been Heinz’s finance chief when it amalgamated with Kraft in 2015 and remained in the position in the unified firm until October 2017, when Kraft Heinz’s second-largest stake owner 3G Capital persuaded the board to begin on changes centering around massive cost-cutting.
Under 31-year old Knopf, who would return to his role as an associate at 3G Capital, Kraft Heinz has this year written down $15.4 billion in the value of two marquee brands, cut dividends and withdrawn its financial forecast.
The change is the first massive move by new CEO Miguel Patricio since the Portuguese advertising veteran was brought in from Anheuser-Busch InBev in April to reboot Kraft Heinz.
The packaged food firm, which counts billionaire Warren Buffett as its largest investor, has been hit by competitors from private-label manufacturers, altering consumer tastes and lower funding in its brands.
An internal investigation into the corporate’s accounting issues in May required changes of about $208 million linked to the prices of products offered while saying that there had been no wrongdoing from any member of Kraft Heinz’s senior management.
Shares of the corporate, which have lost almost half of their value since February, have been up nearly 1% in morning trading.
Basilio, currently the head business planning and development official for Kraft Heinz, will take over from Sept. 1.