Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Photo: Alex Wong/Getty Images
Kraft Heinz will replace CEO Bernardo Hees, who has led the company since its creation in a 2015 merger of Kraft and Heinz that was arranged by Warren Buffett and private equity firm 3G Capital, with AB InBev's former chief marketing officer Miguel Patricio, effective July 1.
Why it matters: It's the most significant leadership change since the merger, and it comes at a crucial time. Kraft Heinz has been struggling in recent years, with a failed bid for Unilever, stagnant sales, a $15.4 billion writedown of key brands and an SEC investigation into accounting practices.
Between the lines: With Hees' departure, as CNBC points out, "one of the companies most closely associated with 3G Capital will no longer be run by a 3G partner." The founders of 3G Capital, which owns 22% of Kraft Heinz, are among the biggest shareholders of AB InBev, Bloomberg reports.
Go deeper: How Unilever dodged a bullet