09 September, 2017
Heinz ketchup maker Kraft Heinz Co (O:) said on Friday 3G Capital partner David Knopf would replace Paulo Basilio as its chief financial officer, starting in October. Basilio is now serving as executive vice president and CFO and Knopf is vice president and Category Head of the Planters business.
Basilio, who now serves as EVP and CFO, will assume the role of president of the company's US business, while David Knopf will take over as CFO. These changes at the top come as Kraft Heinz continues to try to grow its top-line sales, in addition to cutting costs and increasing profits, even as it's widely expected to pursue a major acquisition.
Buffett, who remains the top investor in Kraft Heinz, has poured cold water on the idea of renewing the Unilever bid - or making an offer for a US food company like Mondelez International Inc.
David Knopf has been named executive vice-president and c.f.o. of Kraft Heinz. He initially joined 3G as an analyst and was promoted to partner in 2015.
Knopf is now the vice president and category head of Kraft Heinz's Planters nuts business, as well as a partner at Jorge Lemann's 3G Capital, which owns 23.9% of Kraft-Heinz - second only to Berkshire Hathaway's 27.7%. The food giant was created in 2015 through the merger of two venerable American companies in a deal engineered by Warren Buffett's Berkshire Hathaway and 3G Capital, a Brazilian private equity firm which also controls the world's largest brewer, Anheuser-Busch InBev. He previously held the same position for Kraft Foods and was considered instrumental in providing continuity after the merger. Knopf's compensation was not disclosed. Zoghbi made about $12.1 million in total compensation past year, which included a $7 million bonus, according to the filing.
