Kraft and Heinz products
Scott Olson | Getty Images
Kraft Heinz's Chief Marketing Officer, Eduardo Luz, leaves the company as leading sales force on the challenging food giant.
Last year, Kraft Heinz announced his long-term CEO Bernardo Hees, who will be resigning on June 30 and will be replaced by Miguel Patricio, former head of Anheuser-Busch InBev. Kraft Heinz's head of strategic projects, Eduardo Pelleissone, also leaves the company to pursue other opportunities that are effective June 30.
Kraft Heinz shares have tumbled over 24% throughout the year, with investors rattling at a February revenue announcement in which the company showed a 36% reduction in dividends, $ 1
The company, which has delayed its annual report twice, is in A dispute with its auditor, Warren Buffett said on Saturday. Buffets Berkshire Hathaway is Kraft Heinz's largest investor.
Outgoing CEO Hees announced Luz's resignation in an internal email to employees during Tuesday.
A Kraft Heinz spokesman confirmed Luz's departure and tells CNBC. "Eduardo Luz has decided to leave Kraft Heinz at the end of May. We thank him for his many contributions over the past six years, and we wish him continued success."
Luz, as Hees and Pelleissone, started with the company at HJ Heinz , as private equity firm 3G Capital and Berkshire Hathaway acquired in 2013. In Heinz, Luz worked as CEO of consumer products. As 3G and Berkshire merged Heinz with Kraft Foods two years later, he continued to deal with the brands Kraft Heinz sells in the grocery store, such as his name cake, frozen food and Maxwell House coffee. He was later promoted to the chief marketing role.
In its time of managing the grocery portfolio, Luz contributed to the device restoring peak line growth, according to the internal note. Luz is credited with the Heinz brand's growth, which has increased sales by 26% over the past six years, according to Nielsen. He also oversaw the launch of frozen meal brand Devour, which helped revive its brand-frozen food business.
But other brands at Kraft Heinz, especially those that came from Kraft Foods portfolio, have not gone so well. Many people lack the same global appeal as brands like Heinz ketchup. Products like Maxwell House-packed coffee are particularly prone to premium or cheaper brand competitors.
Kraft Heinz has been criticized for focusing too much on 3G's featured cost-effective and comprehensive deal, instead of investing to fight against intensifying competition. The struggles with the company's Oscar Mayer and Kraft cheese brands contributed to the $ 15 billion write-down of Kraft Heinz in February.
Over the past month, Kraft Heinz has taken a fresh perspective on the management's approach. Over the past two years, Kraft Heinz had employed an external US top executive over the past two years, Advocate General Rashida La Lande.
Incoming CEO Patricio previously worked as marketing manager at AB InBev, a contrast to Hees & # 39; expertise in cost-saving and contract integration. Patricio said his focus would be on Kraft Heinz's speed, sales growth and branding.
Luz's responsibilities will be temporarily overtaken by Kraft Heinz's president for drinks, snacks and desserts, Adam Butler. Butler has been to Kraft Heinz for more than a decade, according to his LinkedIn profile, including eight years at the company's predecessor, Kraft Foods.