The Kraft Heinz Company (KHC) announced that its current CFO Paulo Basilio will step down effective March 1, 2022. As a result, KHC has listed a series of leadership changes that will take effect on March 2, 2022. Shares closed at $37 on January 21.
Kraft Heinz is a global consumer packaged food and beverage company. Over the past year, its shares have gained 14.3%.
Leadership Transition
Effective March 2, Andre Maciel, KHC’s current U.S. CFO and Head of Digital Transformation will helm the role of new global CFO and Executive Vice President. Maciel joined KHC in 2013 and since has undertaken different roles including VP of Global Financial Planning and Analysis for the H.J. Heinz Company.
Paulo Basilio who also joined KHC in 2013, served two terms as CFO and also as President of the U.S. zone. Basilio will continue to act as a strategic advisor for the company up to August 2022 and help Maciel in smooth transitioning.
Moreover, Yang Xu will be promoted to Senior VP, Global Head of Corporate Development. She joined KHC in 2018 and is currently the Global Head of Treasury and M&A.
Company Comments
Commenting on the transitions, CEO Miguel Patricio, said, “Paulo has executed an ambitious acquisitions and divestitures strategy and debt reduction plan. He drove the development of the Company’s five-year strategic plan. He oversaw our return to sustained Organic Net Sales and profitability growth and the strengthening of our internal controls. I could go on and on.”
“Andre’s combination of business and finance experience makes him a trusted leader. His most recent work on digital transformation sets the foundation for our Company’s future. I look forward to his partnership in building on our momentum and continuing our focus on long-term profitable growth,” Patricio added.
Consensus View
The KHC stock has a Hold consensus rating based on 6 unanimous Holds. The average Kraft Heinz price target of $38.67 implies 4.5% upside potential to current levels.
Insider Trading
TipRanks’ Insider Trading Activity shows that Insider Signal is currently Negative on Kraft Heinz, with corporate insiders selling $1.1 billion in shares in the last quarter.
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