Food and beverage company The Kraft Heinz Co. (KHC, Financial) announced Sept. 8 it is shaking up its leadership team.
On Oct. 1, Executive Vice President and Chief Financial Officer (CFO) Paulo Basilio will become president of the company’s U.S. business. David Knopf, current vice president and category head of the company’s Planters business, will succeed him.
According to Kraft Heinz, Knopf, who is 29, joined the company in July 2015 during the merger of Kraft Foods and H.J. Heinz Co. At that time, he was vice president of finance and head of global budget and business planning. Prior to joining the company, he worked at 3G Capital from 2013 to 2015, where he gained experience with acquisitions, including the merger of Burger King and Tim Hortons into Restaurant Brands International Inc. (QSR, Financial) and the Kraft-Heinz deal.
In addition to these changes, George Zoghbi will leave his role as chief operating officer (COO) of the U.S. business to become a strategic adviser.
Kraft Heinz shares swelled nearly 0.5% in morning trading following the announcement.
With 26.73% of outstanding shares, Warren Buffett (Trades, Portfolio) has the largest holding among the gurus. During the second quarter, Jim Simons (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Steven Cohen (Trades, Portfolio) and Pioneer Investments (Trades, Portfolio) established positions. In all, 17 gurus are shareholders.
Disclosure: I do not own any stocks mentioned.
