On September 1, Paulo Basilio, Kraft Heinz’s CFO from 2015 to 2017, will return to the company and replace its current CFO, David Knopf.
Knopf became the youngest CFO of a Fortune 500 company when he took the Kraft Heinz (+0.99%) job at 29. Now 31, Knopf loves going to bed at 10pm on the weekends and will return to 3G Capital, the PE firm that merged Kraft and Heinz in 2015.
- Restated financial earnings dating back to 2016 after flubbing certain costs by $208 million.
- Marked down the value of its brands by close to $17 billion this year.
- Reported a 5% annual decrease in net sales for the first half of 2019.
Zoom out: Facing growing private label competition and shrinking demand for purple ketchup, Kraft Heinz will face challenges charting the “new course” CEO Miguel Patricio has planned.