CHICAGO (AP) — Kraft Heinz Co. is bringing back its former chief financial officer amid accounting problems and falling sales.
Paulo Basilio, 44, joined H.J. Heinz as CFO in 2013 and remained in the job after the company's 2015 merger with Kraft. He most recently served as Kraft Heinz's chief business development officer.
He replaces David Knopf, 31, who will return to Brazilian private-equity firm 3G Capital. 3G and Omaha investor Warren Buffett engineered the Kraft Heinz merger in 2015.
The company's familiar brands like Oscar Mayer and Velveeta are struggling as consumers opt for healthier and more natural foods or cheaper store brands.
Kraft Heinz, which is based in Pittsburgh and Chicago, was also forced to restate earnings from multiple years in May after a federal investigation into its accounting practices.
Kraft Heinz's shares hit an all-time low of $24.89 last week.
1 - Kool-Aid
2 - Car rentals
3 - Baker's Candies
4 - Reuben
5 - Dorothy Lynch
6 - Vise-Grip
7 - Chair lift
8 - Cliffsnotes
9 - Richtig
10 - Eskimo Pie
11 - SAFER barrier
12 - TV dinners