On Tuesday, Kraft Heinz announced that Miguel Patricio, the recently appointed chief marketing officer at Anheuser-Busch InBev, will become its new chief executive.
The move comes as Kraft Heinz faces slumping sales and higher prices, driven by changing consumer demand in the food industry.
The company has been struggling to keep up with changing consumer tastes, which are increasingly focused on more organic, healthier foods. In order to compete with rivals such as Unilever, Nestle, and General Mills, Kraft Heinz has had to raise prices, resulting in decreased sales.
Patricio is expected to bring in his experience at Anheuser-Busch InBev to Kraft Heinz in order to turn the company around. At Anheuser-Busch, he helped lead a major realization cycle which grew net sales by more than a third. He is expected to bring these same strategies to Kraft Heinz in order to revamp its product strategy, improve supply chain, expand into new markets, and execute cost savings initiatives.
By bringing in Patricio, Kraft Heinz is hoping to make the necessary changes to keep up with evolving consumer tastes and better compete against its rivals.