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You may change your billing preferences at any time in the Customer Center or call Customer Service. You may cancel your subscription at anytime by calling Customer Service. The change, effective Sept. 1, comes as Kraft Heinz, co-headquartered in Chicago and Pittsburgh, contends with changing consumer tastes, private-label competition and internal missteps. Staying current is easy with Crain’s news delivered straight to your inbox, free of charge.
The Chicago-based company said on Monday that finance chief David Knopf, 31 years old, will return to 3G Capital, the private-equity firm that worked with Warren Buffett’s Berkshire Hathaway Inc. to create Kraft Heinz through a merger in 2015. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Amid a turbulent year, Kraft Heinz announced Monday that it will replace its young chief financial officer with the “seasoned veteran” who held the role before him. However, according to some commentators, the appointment becomes less surprising against the culture of private equity firm, 3G Capital. The CEO of Restaurant Brands International, formed from the Burger King and Tim Horton’s deal Knopf worked on – is led by Daniel Schwartz, who was just 32 when he stepped into the role five years ago, with a then 28-year-old, Joshua Kobza, in the role of CFO. The company, which splits its headquarters between Chicago and Pittsburgh, also named Nina Barton as chief growth officer.
Kraft Heinz Brings Back Former CFO, Paulo Basilio
By using this site, you are agreeing to security monitoring and auditing. David Knopf, who was 29 and the youngest high-ranking executive at the company when he assumed the CFO role in 2017, will leave the processed food giant to return to 3G Capital, where he has been a partner since 2015. Basilio, 44, previously served as CFO from July 2015 to October 2017, when 3G Capital’s David Knopf replaced him at age 29. After a transition, Knopf will return to the Brazilian investment firm, where he is a partner. Has named Paulo Basilio as its new chief financial officer, effective Sept. 1.
All proxy statements are public filings made available to the general public by the SEC. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Heinz in 2013 and continued in the role after the 2015 merger with Kraft Foods. Basilio has served as president of the U.S. commercial business since 2017 and last month was named chief business planning and development officer.
CFO Communication Strategies to Create Powerful Manager Partnerships
At the time of his appointment, Knopf also was a partner with 3G Capital, the private equity firm behind the merger of Heinz with Kraft. KHC, +0.08%said Monday that David Knopf, the company’s chief financial officer, will leave the company to return to private-equity firm 3G Capital. Knopf has been a partner at 3G since 2015; he’s been with Kraft Heinz for four years. Kraft Heinz will move Paulo Basilio back into the CFO role, effective September 1.
- Basilio has served as president of the U.S. commercial business since 2017 and last month was named chief business planning and development officer.
- Kraft Heinz Co’s newly-appointed chief executive officer replaced finance chief David Knopf on Monday in what he said was a strategic decision, naming the more “seasoned” Paulo Basilio, after the company was forced to restate three years of results.
- Liu brings with her more than 20 years of experience as a commercial leader in Greater China food companies, including her most recent experience as a founder in the McCain Asian Food Service Incubator.
- The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information.
- Also, proxies must disclose specific detailed information regarding the pay practices for certain executives.
- Heinz Holding Corporation in 2013 and retained that title after the company, which was bought by Warren Buffett’s Berkshire Hathaway and private equity firm 3G Capital, merged with Kraft Food.
The outcome of the Kraft-Heinz deal was Knopf’s appointment as vice president of finance and head of the Planters nuts category at the business, as well as being Head of Global Budget & Business Planning, Zero-based budgeting, and Financial & Strategic planning. Under Knopf, who became CFO in 2017 at the age of 29, Kraft wrote down $15.4 billion in value of its brands Kraft and Oscar Mayer. He will return to private equity firm 3G Capital where he has been a partner since 2015.
of CFOs Predict Net Profit Growth in 2023
Previously, Knopf held several senior leadership roles at the Kraft Heinz Company, including Chief Financial Officer, and held positions in private equity at Onex Partners, and investment banking at Goldman Sachs. Knopf was also named in Forbes’ 30-under-30 list in 2017 for his role in the $11-billion Burger King-Tim Hortons merger and the merger of Heinz and Kraft. Tonya Garcia is a MarketWatch reporter covering retail and consumer-oriented companies. Tonya joined MarketWatch from Moguldom Media, where she was business editor for MadameNoire, a website targeting African-American women with a range of content from personal finance to economics, politics, education and lifestyle and entertainment. She also worked at Mediabistro, and previously handled media relations for MSLGroup’s consumer practice. According to Kraft Heinz, Basilio’s compensation (which was nearly $18.9 million last year, mostly in stock awards, according to company filings) is not expected to change with the executive role shift. The information shown here is a reporting of information included in the company’s proxy statement.
Among the others are Seneca Foods Corp., Camping World Holdings, Inc., and PPG Industries Inc., the Wall Street Journal reported. When autocomplete results are available use up and down arrows to review and enter to select. The change is the first big david knopf kraft heinz move by new CEO Miguel Patricio since the Portuguese marketing veteran was brought in from Anheuser-Busch InBev in April with the aim of rebooting Kraft Heinz. From breaking news to R&D insights, we’ll send you the top stories affecting the industry.