What the new CEO of Kraft Heinz should do:
Yesterday, Kraft Heinz announced that Miguel Patricio will take the helm as CEO. He is known as a brand builder with experience at Coca-Cola, Johnson & Johnson and, most recently, AB InBev. This is good news for the company as they appear to have taken their eye off of customers. Patricio’s predecessor, Bernardo Hees, known for cost-cutting and zero-based budgeting oversaw a 42% drop in share price in just the past year.
Regardless, a question for Patricio is how have past practices shaped the current set of beliefs, assumptions, and habits of the company? Creating a new strategy is many times easier than making it happen. Here is what Patricio can do:Rather than a weighty strategic plan, businesses need a compelling strategic vision based on an understanding of what influences the decisions made by customers.
A leader who is new to the company has the distinct advantage of not being married to past decisions. However, the people who work at Kraft Heinz might be. Even smart, talented people can be surprisingly stubborn when where they have committed their energy is criticized. Patricio can help the organization by being upfront about the most important discomfort everyone will face – fear of making mistakes. Fear of making mistakes is especially lethal when a business needs people to be creative, to unleash their imagination. The fastest way to prove that creativity is valued is by highlighting and celebrating it. The fastest way to kill it is to marginalize or remove people who bring ideas forward.Patricio is quoted as saying that some Kraft Heinz brands are dusty.
Constance Dierickx helps boards and executives in high-stakes situations and crisis. She is the author of just-released
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kraft Heinz CEO Bernardo Hees to step down, will be replaced by AB InBev's Miguel PatricioBernardo Hees leaves at a critical time for Kraft Heinz, which is battling the slow-growing food industry and analysts questioning the business model.
Read more »
Kraft Heinz Names New CEOKraft Heinz named a new chief executive, hiring the chief marketing officer and a former leader of brewer Anheuser-Busch InBev to lead the giant foodmaker’s attempted turnaround after years of cost cuts and weak sales.
Read more »
Kraft Heinz names Anheuser-Busch executive as new CEOKraft Heinz Co replaced Chief Executive Officer Bernardo Hees with Anheuser-Busc...
Read more »
Kraft Heinz Names New CEO: Exclusive Interview
Read more »
Kraft Heinz Names New CEO: Exclusive Interview
Read more »
Kraft Heinz hires global brand expert Patricio as CEOKraft Heinz Co named Miguel Patricio as its next chief executive on Monday, hopi...
Read more »
Kraft Heinz new boss is a good palate cleanserMiguel Patricio is not an entirely fresh ingredient for the food company – he ran marketing at AB InBev, created by Kraft’s second-largest shareholder. Both companies have underperformed in recent years. That said, his focus on marketing may break the company’s holding pattern.
Read more »
Kraft Heinz banks on Anheuser-Busch exec in strategy shiftKraft Heinz Co said on Monday it would replace Chief Executive Officer Bernardo ...
Read more »
Kraft Heinz weighs sale of Ore-Ida frozen potato businessOre-Ida is the latest brand Kraft Heinz is considering shedding as it scrambles pay off debt and restructure following a disastrous quarterly report.
Read more »
Here's everything that has gone wrong for Kraft Heinz in the last yearAfter a string of bad news over the last year for Kraft Heinz, CEO Bernardo Hees is leaving the company.
Read more »
Kraft Heinz's new CEO looks beyond cost-cutting, big M&AKraft Heinz Co's incoming chief executive, Miguel Patricio, is indicating a...
Read more »