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|KHC||KRAFT HEINZ COMPANY||31.37||-0.49||-1.54%|
A separate probe by the Securities and Exchange Commission remains ongoing, but the Chicago-based company’s own investigation spurred new policies to “strengthen internal control over financial reporting,” Kraft said in a statement on Friday.
The firm now expects to report first-quarter earnings, which were twice delayed by the internal review, by the end of July.
In its annual report, Kraft said it undervalued the cost of products sold by $208 million, including $175 million in misstatements. The errors were not “quantitatively material” but warranted a correction, the company argued.
Last month, Kraft said it would restate financial reports for the past three years due to the discrepancies, which the firm attributed to multiple employees. An internal review into who was responsible for the misstatements continues.
Alongside the completion of its own investigation into the financial reporting, Kraft also elected Joao Castro-Neves, the former CEO of Anheuser-Busch, to replace outgoing board member Marcel Herrmann Telles.