Kraft Heinz replaces boss

KRAFT HEINZ boss Bernardo Hees is stepping down after years of cost-cutting and weak sales.

The company, which is partowned by billionaire Warren Buffett, has also aggressively pursued acquisitions, including a failed £115bn bid for Unilever.

Miguel Patricio, a veteran of drinks conglomerate AB InBev, will replace Hees as chief executive.

Patricio said: ‘The important thing is, I bring a very different background to the team.’

In February the company wrote down the value of a string of brands by more than £ 11.5bn, slashed its dividend and disclosed a regulatory probe into its accounting. Since then, its shares have plunged 32pc.

Hees has run Kraft Heinz since it was created in a 2015 merger orchestrated by 88-year-old Buffett and 3G Capital, a private equity firm which has a reputation for aggressive cost cutting and dealmaking.