Kraft Heinz Names New CFO

Jan. 24, 2022
Kraft Heinz has made two c-suite promotions, including a planned succession of its chief financial officer.

Kraft Heinz has made two c-suite promotions, including a planned succession of its chief financial officer.

Andre Maciel will become executive vice president and chief financial officer effective March 2. He will replace Paulo Basilio, who will remain as a “strategic advisor” through August.

Basilio served as Kraft Heinz’s CFO through two separate terms. He had been CFO of H.J. Heinz Co. at the time of its 2015 merger with Kraft Foods. He left in 2017 but returned to the job in 2019, after Kraft Heinz was forced to take large writedowns after missing some forecasts. In his role overseeing the finances of the combined company, Basilio presided over some large divestitures, including the Planters nuts business to Hormel Foods.

Maciel has been with Kraft Heinz since 2013, currently holding the position of U.S. CFO and head of digital transformation. He has led Kraft Heinz’s zero-based budgeting system, under which every department must rebuild its budget from scratch every year and justify every expenditure.

In addition, Yang Xu will be promoted from global head of treasury and M&A to global head of corporate development. Based in Amsterdam, Xu has been with Kraft Heinz since 2018 in various finance leadership positions.

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