Packaged food-maker the Kraft Heinz Co. announced that it plans to appoint chief executive officer Miguel Patricio as its chair, replacing Alexandre Behring, who will retire at the annual shareholder meeting in May.
Patricio, 55, joined Kraft’s board in March last year and has previously served as the marketing head of Budweiser-maker Anheuser-Busch InBev.
“We look forward to working with Miguel [Patricio] as chair,” Berkshire Hathaway’s Greg Abel said in a statement. The Warren Buffett-led company is Kraft Heinz’s largest shareholder, according to Refinitiv data.
Patricio commented, “[Behring]’s contribution to Kraft Heinz has been invaluable, and his impact will continue to be felt for many years. I am truly honoured at the opportunity to succeed him as chair.”
Kraft Heinz also announced that it had nominated James Park, who co-founded Fitbit, Inc., as a board member.
Park is a technology entrepreneur with a strong track record of ideating and operating successful technology companies.
He was also the co-founder of Epesi Technologies, Inc. and the online photo-sharing company Wind-Up Labs, Inc., which was acquired by CNET Networks, Inc. in 2005.
In 2015, Park featured in Fortune magazine’s ‘40 Under 40’ – an annual ranking of the most influential young people in business.
Patricio stated, “Technology and digital capabilities are extremely important elements of our continuing business strategy. His [James Park’s] background and experience will be especially valuable to Kraft Heinz and the board as we begin the next phase of our transformation.”
The packaged-food company sailed past market estimates for quarterly earnings last week, as it benefitted from higher prices.