Kraft Heinz, one of the largest food and beverage companies in the world, has tapped Miguel Patricio as its new chief executive and president.
Patricio, a Portuguese national, will be the first non-American to hold the top position at the company. He is an experienced executive in the packaged goods industry, having had stints at Anheuser-Busch InBev (AB InBev) and The Coca-Cola Company (Coca-Cola).
Patricio will take the reigns at a time when Kraft Heinz has been struggling to turn around its declining sales. Kraft Heinz has struggled to maintain its share of the U.S. market in recent years, in part because of higher prices and increased competition from lower-priced rivals, such as Aldi and other grocery stores. The company is also facing increased competition in international markets as well.
Kraft Heinz is hoping that Patricio’s expertise in marketing and global expansion in the food and beverage industry, can help turn around the company’s fortunes. As he is joining the company in the wake of the coronavirus pandemic, he will also need to address the economic downturn it will inevitably cause, as well as changing consumer behavior.
In the coming weeks and months, Patricio will need to work with the board of directors to craft a turnaround plan that will help Kraft Heinz get back on its feet and regain its prominence in the food and beverage industry.