Kraft Heinz Co's newly-appointed chief executive officer replaced finance c...
FILE PHOTO: Shareholders shop for discounted products at the Kraft Heinz booth at the annual Berkshire Hathaway shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan
Basilio had been Heinz’s finance chief when it merged with Kraft in 2015 and remained in the role in the unified company until October 2017, when Kraft Heinz’s second largest shareholder 3G Capital persuaded the board to embark on changes centering around heavy cost-cutting. The change is the first big 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.
An internal investigation into the company’s accounting issues in May required adjustments of about $208 million related to the costs of products sold, while saying that there had been no misconduct from any member of Kraft Heinz’s senior management.
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