Kraft Heinz has recalled a former chief financial officer back into that role in the wake of accounting irregularities that have roiled the company.
Paulo Basilio served as CFO of H.J. Heinz before the 2015 merger with Kraft Foods, and continued in that position in the merged company until 2017. He is now being reinstalled as CFO, replacing David Knopf, who will return to 3G Capital, Kraft Heinz’s parent company. Basilio has worked at Kraft Heinz continuously since stepping down as CFO, as president of U.S. commercial business and as chief business planning and development officer.
His reappointment as CFO comes after Kraft Heinz went through some turmoil related to inaccurate reporting of the financial impact of procurement practices, including costs and product rebates. This led to restatement of results for 2016 and 2017, which came on the heels of a plunge in the stock price caused in part by a federal investigation into the procurement practices.
Basilio will resume the duties of CFO on Sept. 1.