Kraft Heinz CEO Vows to Simplify Business Ahead of Earnings
- Pressure is rising from investors for details on path forward
- Company seeks to revitalize brands like Oscar Mayer, Jell-O
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Kraft Heinz Co., which reports fourth-quarter earnings Thursday, has a plan to move on from a disastrous 2019. Chief Executive Officer Miguel Patricio says the path forward depends on streamlining the company’s sprawling product lines while putting renewed emphasis on its proven winners.
“The business is extremely complex,” Patricio told Bloomberg in a recent interview, rattling off the various products the company makes at its eighty factories around the world, from fruit juice and coffee to ketchup and macaroni and cheese. “What we’re trying to do is to see what are really the similarities among these businesses, to see if we can group and give a better purpose for these groups for the future. Simplifying.”