Kraft Heinz Co. named 29-year-old former Goldman Sachs banker David Knopf as its next chief financial officer last week, part of a shake-up aimed at reigniting growth at the slumping packaged-food giant.
The changes also included moving current CFO Paulo Basilio to the role of zone president for U.S. operations, tasking him with fixing a challenging domestic business that generates about 70% of its sales. Basilio, 42, will replace Kraft veteran George Zoghbi, though that executive will stay on as a strategic adviser.
Kraft Heinz hasn't posted sales growth since the company was created in a 2015 merger orchestrated by the private equity firm 3G Capital and Warren Buffett's Berkshire Hathaway Inc. The company is mired in an industrywide slowdown: The largest food companies in the U.S. have lost almost $16 billion in sales over the past three years amid broad shifts in how consumers eat and shop.
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