Kraft Heinz Announces New Executive Team

The Kraft Heinz Co., the company that will emerge after the soon-to-be-completed merger of Kraft Foods Group Inc. and H. J. Heinz Co., announced a slew of new executives late Monday, including a new chief financial officer. Paulo Basilio was appointed executive vice president and CFO, having joined Heinz in June 2013 as CFO. Kraft's CFO James Kehoe and other Kraft executives are being let go in 30 days or when the merger is completed, Heinz said in a statement. "Our new leadership team represents the best of the best in business with proven track records for delivering results," future Chief Executive Bernardo Hees said in a statement. Kraft and Heinz agreed to merge in March in a deal backed by Warren Buffett's Berkshire Hathaway and Brazilian private investment group 3G Capital. The new company will have a portfolio of well-known food and snack brands such as Heinz, Kraft, Oscar Mayer, Jell-O, and Philadelphia.