Kraft Heinz, Tired of ‘Fire Fighting,’ Feels Wall Street Heat
- 3G’s cost-cutting model continues to unravel as growth lags
- New chief Patricio won’t issue guidance, spooking shareholders
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Kraft Heinz Co.’s new chief is off to a tough start: Shares plunged to a record low during his first conference call as he failed to reassure investors about the troubled food maker’s prospects for a comeback.
Miguel Patricio, just five weeks after taking the reins, told wary shareholders that the strategy under his predecessor didn’t quite work. But he fell short of laying out his own plan to revitalize the big brands like Oscar Mayer and Maxwell House that are out of step with modern consumers’ tastes.