Home / Business / Kraft Heinz says Paulo Basilio to return as CFO

Kraft Heinz says Paulo Basilio to return as CFO

Kraft and Heinz Products

Scott Olson | Getty Images

Kraft Heinz appointed Paulo Basilio as the new Chief Financial Officer with effect from September 1.

Basilio previously served as CFO from July 2015 to October 2017 when 3G Capital partner David Knopf replaced him. After a transitional period, Knopf returns to the Brazilian investment firm.

Basilio was CFO of H.J. Heinz before Berkshire Hathaway and 3G Capital bought Kraft Foods and merged with Heinz. After resigning as CFO of Kraft Heinz, he was President of the US Commerce business. In July, he was appointed Chief Business Planning and Development Officer of the company.

Last year, the food giant faced a series of struggles in which stocks fell 57%. In February, a subpoena of the Securities and Exchange Commission regarding its accounting policies and internal controls was released four months ago. Kraft and Oscar Mayer, two of its largest brands, had to be written down $ 1

5.4 billion.

In May, the company announced that it will need to adjust its financial statements for 2016 and 2017 after a review on procurement and retrospectively. The accounting procedures initiated by the SEC subpoena revealed employee misconduct. The internal review did not include senior executives.

The review also resulted in the company delaying the filing of its annual report twice. When Kraft published his financial results for the first half of 2019 earlier this month, he said it would delay filing his 10-Q.

"As Kraft takes a new path, CEO Miguel Patricio announced today some important changes in his senior leadership team," spokesman Michael Mullen said in a statement. "These measures are designed to restore the company's business momentum for long-term profitable growth."

The company also announced that Nina Barton, President of the Canada Zone and Digital Growth, will be the company's main growth officer, a newly created position.

Basilio's return to CFO position follows the replacement of Kraft Heinz's CEO in April. Anheuser-Busch InBev's Miguel Patricio replaced Bernando Hees, who officially resigned on 30 June.

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