Kraft Heinz (NASDAQ:KHC) Co. has announced a major leadership change, along with a restructuring of its international business division, as revealed during the company's 3Q earnings report call on Friday. The changes, set to take effect from fiscal year 2024, will see the company's international business split into three distinct zones: Europe/Pacific developed markets, west/east emerging markets, and Asia emerging markets.
The leadership reshuffle will see Pedro Navio, who joined Kraft Heinz in 2017 after serving as Red Bull's Latin America CEO, stepping up to succeed Carlos Abrams-Rivera as executive vice president and president for North America. Abrams-Rivera is set to become the company's CEO, taking over from Miguel Patricio on January 1.
In addition to the leadership changes, Kraft Heinz is forming global leadership teams for its Growth and Omnichannel functions in a bid to stimulate growth and innovation within the company.
Rafael Oliveira, current president of International Markets, will transition to an advisory role ahead of his planned departure in March 2024. This decision was acknowledged by outgoing CEO Miguel Patricio during the earnings call.
InvestingPro Insights
In light of the recent restructuring and leadership changes at Kraft Heinz Co., it's timely to consider some key InvestingPro insights. According to InvestingPro Tips, the company has been demonstrating consistently increasing earnings per share and is trading at a low earnings multiple. Moreover, 8 analysts have revised their earnings upwards for the upcoming period, suggesting a positive outlook for the company's financial health.
Turning to real-time data from InvestingPro, Kraft Heinz Co. has a market cap of 40.89B USD and a P/E ratio of 13.73 as of the last twelve months leading up to Q3 2023. The company's revenue growth during the same period stands at 5.22%, indicating a steady increase in earnings.
To get a more comprehensive understanding of Kraft Heinz Co.'s financial performance and future prospects, consider exploring more of the 4 additional InvestingPro Tips and numerous data points available on InvestingPro.
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