Kraft Heinz appoints Carlos Abrams-Rivera as new CEO

Investing.com -- Kraft Heinz (NASDAQ:KHC) has named Carlos Abrams-Rivera as its new chief executive officer, the packaged food maker said in a statement on Monday.

Abrams-Rivera, who currently serves as president of Kraft's North American business, will replace Miguel Patricio at the helm of the company behind well-known food brands like Jell-O and Oscar Mayer. Patricio, who was first appointed as CEO in 2019, has overseen a broad effort by the group to respond to competition from private-label rivals and revitalize sluggish sales.

Earlier this month, the Philadelphia Cream Cheese manufacturer posted lower-than-anticipated net sales of $6.72 billion in the second quarter. Kraft and its peers have lifted prices for their products to help guard against a jump in input costs, although these moves are starting to weigh on demand from inflation-hit customers. Volumes slipped by 5.3% year-on-year during the quarter.

But the higher prices helped boost adjusted earnings per share above estimates, while the group backed its full-year adjusted profit and organic sales targets.

Along with his new duties, Kraft said that Abrams-Rivera will also take over as president, effective immediately. Patricio, meanwhile, will stay with the group as non-executive chair of the board.

Shares in Kraft inched down in U.S. trading.