Miguel Patricio
Former Anheuser-Busch CEO, Miguel Patricio, will join Kraft Heinz as it new chief executive on July 1, succeeding Bernardo Hees. Miguel Patricio, CMO, AB InBev joined Stella Artois to discuss the impact of the brand’s partnership with Water.org to help end the global water crisis at the unveiling of “Water Ripples” by Stella Artois at Grand Central Terminal in New York City on March 22, 2018. Getty Images/Craig Barritt

As Kraft Heinz Co. (KHC) looks to overhaul its image amid decreasing sales and numerous rounds of cost-cutting, it has tapped the former chief marketing officer and leader of Anheuser-Bush InBev SA (BUD), Miguel Patricio, to lead the company as CEO. The Portugal native will succeed Bernardo Hees, effective July 1, according to Kraft Heinz.

The hiring move by Kraft Heinz follows an investigation by Securities and Exchange Commission (SEC) in the company’s accounting and procurement practices, which brought a drop in its brand value by $15 billion, the Wall Street Journal reported.

Patricio, 52, told the Journal that he plans to take the company in a new direction saying.

"It’s a new cycle for the company. I bring a very different background to the company and the team," he said.

Patricio told CNBC that the improvements he wants to make at Kraft Heinz’s will center around speed, organic growth, brand building and consumer focus. He is also reportedly looking to makeover the lagging brands by improving their quality.

The board at Kraft Heinz approved Patricio to lead the company with a unanimous vote. It is unknown if this before or after the SEC investigation and dismal earnings announcement.

At Anheuser-Busch, Patricio led the company to high single-digit growth with its Corona, Budweiser and Stella Artois brands, which accounted for as much as one-third of the company’s organic growth in 2018. He also was chief marketing officer at the time the company became the most honored brand at the Cannes Lions awards for effective creative marketing communications.

During his time at Anheuser-Busch, Patricio also served as president of Asia Pacific and president of North America. Patricio also has 30 years of experience with consumer-packaged goods companies including Coca-Cola Co., Philip Morris and Johnson & Johnson.

The addition of Patricio follows the formation of Kraft Heinz, and a reduction in shares by approximately 20 percent this year. The company has not had a major acquisition since it merged in 2015.

Hees will join 3G Capital following his departure at Kraft Heinz.

Shares of Kraft Heinz stock were up 0.91 percent as of 11:37 a.m. ET on Wednesday while shares of Anheuser-Busch InBev stock were up 0.51 percent.

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