The third-largest food and beverage company in North America and the fifth-largest in the world, the Kraft Heinz Co., headquarter in Chicago, Illinois, had said on Saturday, the 4th of May 2019, that its Chief Marketing Officer, Eduardo Luz, 45, who took charge on January 2019, would be leaving the company at the end of May.
According a CNBC report aired on Saturday (May 4th), the Kraft Heinz Co.’s president of desserts, snacks and beverages, Adam Butler, would be taking the departing Chief Marketing Officer, Luz’s responsibility on an interim basis.
The latest move of Kraft Heinz Co., was witnessed as a major reform, as the departure came forth after the Company had named its 30-year marketing veteran, Miguel Patricio as its next Chief Executive last month. Apart from that, Kraft Heinz’s second largest stakeholder, the Brazilian private equity fund, 3G Capital had also contributed to this latest renovation at the board, as the Brazilian investment fund had long been pushing the company to control its expenses and to take actions for averting a slowing growth momentum.
Nevertheless, on last February, the US-based multinational food and beverage company had slashed its quarterly dividend, and wrote-down the value of its Kraft and Oscar Mayer Brands, blaming tough environment in the packaged food industry amid an ongoing probe of US SEC (Securities and Exchange Commission) into the company.