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Kraft Heinz will replace thirty-something CEO with ‘seasoned veteran’

Chicago Tribune 08/26/2019

David Knopf was just 29 years old when Kraft Heinz installed him as CEO two years ago. The CPG manufacturer announced this week it will replace Mr. Knopf with 44-year-old Paulo Basilio, who has previously served as CFO and president of the company. Kraft Heinz has had a rough go of it of late. Net sales slipped 4.8 percent in the first half of 2019. The company said recently it will lay off 400 hourly workers, following the elimination of 1,400 jobs last year.

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