After a string of bad news over the last year for Kraft Heinz, CEO Bernardo Hees is leaving the company.
The departure of Kraft Heinz CEO Bernardo Hees follows a string of headaches for the consumer packaged foods company over the last year.
In February, the company revealed that it had received a subpoena from the Securities and Exchange Commission back in October related to its accounting policies and internal controls. It further disappointed investors with the news that it slashed its dividend by 36% and took a $15.4 billion write-down on Kraft and Oscar Mayer, two of its biggest brands. It also announced revenue and earnings that fell well short of Wall Street's estimates.
Months earlier, in August, 3G trimmed its stake in the company by 7%, bringing its total ownership to about 22%. 3G founder Jorge Lemann said at the time that the company's business model of buying up strong consumer brands is facing new difficulties from upstart young brands.
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