Kraft Heinz Picks New CEO as Sales Slump in the Face of Higher Prices

Kraft Heinz has appointed Carlos Abrams-Rivera, the company's North American president, as its new CEO effective on January 1, 2024, succeeding Miguel Patricio. Patricio took over as CEO in 2019 amidst slumping sales, brand write-downs, and investor scrutiny. Despite efforts to revive iconic brands and expand the away-from-home business, the company has faced falling demand due to higher prices and increased competition.