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Kraft Heinz Co. is replacing its chief executive, with former Kellanova CEO Steve Cahillane set to take over from Carlos Abrams-Rivera on Jan. 1.
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The move follows a difficult period for the food company, which said in September that it would split into two separate entities. The company’s stock has dropped about six per cent since then.
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Kraft Heinz is one of a raft of food and beverage companies that have announced major changes in management and strategy as the industry struggles to adapt to consumers shifting toward healthier, less-processed options.
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Last week PepsiCo Inc. said it would cut prices and reduce the number of its products as part of an agreement with an activist investor, while Coca-Cola Co. announced a new chief executive. Over the summer, Keurig Dr Pepper Inc. announced it was acquiring JDE Peet’s NV and would split into two companies.
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Abrams-Rivera, who has been Kraft Heinz’s CEO for about two years, will serve as an adviser to the company until March 6, Kraft Heinz said in a statement.
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Shares of Kraft Heinz were little changed in premarket trading. The stock had declined 20 per cent this year through Monday.
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After the separation into two public firms, Cahillane will become CEO of the company, with brands such as Heinz ketchup, other iconic condiments and boxed meals that comprise its fastest-growing products with about US$15 billion in annual sales. The split is expected to be completed in the second half of 2026, according to Kraft Heinz.
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Cahillane had been CEO of Kellanova, a snack food company, since 2017. Privately-held Mars Inc. completed its acquisition of Kellanova earlier this month. He also served as CEO of The Nature’s Bounty Co., which makes vitamins and supplements, and spent time at Coca-Cola, where he served as president of Coca-Cola Americas.
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As part of his employment agreement, Cahillane will receive a one-time equity award in January with a target value of US$11 million.
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The other company includes slower-growing grocery products, such as Oscar Mayer hot dogs and Lunchables, and currently generates revenue of roughly US$10 billion. That business was to be led by Abrams-Rivera. But now the board will initiate a search for a CEO to lead it.
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The Wall Street Journal earlier reported the news.
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