Content
Knopf joined Kraft Heinz in July 2015 as the two companies merged. He was vice president of finance between July 2015 and August 2016, when he took up a role overseeing the Planets Nut brand. In May, Kraft Heinz said it will have to restate its financial statements for 2016 and 2017 after a review into its procurements and accounting procedures prompted by an SEC subpoena in February that discovered employee misconduct.
Nina Barton, president of Kraft Heinz operations in Canada and the executive in charge of the company’s digital growth, will assume the new role of chief growth officer, according to the filing. Kraft Heinz likely hired Knopf because he “really understood the private equity model, and david knopf kraft heinz at the time, that would’ve made sense,” Russell Raath, president of Kotter, a strategy execution and change management firm, told CFO Dive. When it reported its financial results for the first half of 2019 earlier in August, the company said it would delay the filing of its 10-Q.
Chief Financial…
Kraft Heinz Co. said Monday that David Knopf, the company’s chief financial officer, will leave the company to return to private-equity firm 3G Capital. Knopf has been a partner at 3G since 2015; he’s been with Kraft Heinz for four years. Kraft Heinz will move Paulo Basilio back into the CFO role, effective September 1. In October 2017, Basilio was named president of U.S. commercial business, and since July 2019, he has been chief business planning and development officer.
In 2017, Knopf was nominated on the Forbes 30 Under 30 Finance list for his role in the 3G-led $11 billion Burger King-Tim Hortons acquisition and Heinz’s $45 billion merger with Kraft. However, he is not the youngest person to ever become the CFO of a major company. Joshua Kobza had that position at Restaurant Brands International at the age of 28 in 2013, and Nolan Watson became the CFO of Silver Wheaton in 2006 at just 26. This case study of JonnyPops’ success highlights the unusual financial and operational strategies that enabled rapid expansion into a crowded and highly competitive frozen treat market.
Don’t miss tomorrow’s food industry news
Kraft Heinz Co. is tapping former Chief Financial Officer Paulo Basilio for a reprisal of the role as the packaged-food company seeks to rebuild its sagging business. He company disclosed a subpoena from the SEC related to its accounting policies and internal controlsand took a $15.4 billion write-down on two of its biggest brands. 3G Capital’s strategy has focused on driving growth by making acquisitions and cutting costs, which resulted in a lack of investment in Kraft Heinz brands like Oscar Mayer. And as deal opportunities have dried up, sales have grown stagnant. Has named Paulo Basilio as its new chief financial officer, effective Sept. 1.
Raath told CFO Dive that following its 2015 merger, Kraft Heinz was likely searching for a CFO “specifically with private equity experience,” which Knopf had. Acquisition and then joined Kraft Heinz following the two companies’ $45 billion merger,according to a report by Fortune. The Kraft Heinz Company disclosed in an 8-K filingits CFO, David Knopf, will be departing the company, and “seasoned veteran” Paulo Basilio will assume his role, effective next month. Basilio, 44, previously served as CFO from July 2015 to October 2017, when 3G Capital’s David Knopf replaced him at age 29.
HCM and Digital Scheduling Technology: An Underutilized Solution for One of Manufacturing’s Biggest Challenges
Basilio’s compensation is not expected to change, the company said. His total compensation was nearly $18.9 million last year, mostly in stock awards, according to company filings. The announcement Monday about the CFO shuffle said Patricio “made the strategic decision to shift a seasoned veteran” back into the role. If you look around LinkedIn, there are other younger gents with very high-level positions at Kraft. Just an observation – they are usually Brazilian names, so I assume they have some tie to 3G. I thought I read somewhere that they want younger people in those roles for experience/exposure.
It also holds a stake in Puris Holdings in Minneapolis, Minnesota. Most recently, the collective purchased the meat-alternative brand Oumph in Sweden, which is owned by Food for Progress. Siegwerk is an internationally recognised provider of sustainable coatings and inks for the packaging industry. The company has embraced the circular economy and is setting many standards in sustainability in packaging products while working with major brands.
Who is David Knopf?
Played prominent role in 3G-led $11 billion Burger King acquisition of Tim Hortons and Heinz's $45 billion merger with Kraft. In addition to his partner role at billionaire Jorge Lemann's private equity firm, now working at Kraft-Heinz as vice president in charge of the Planters nuts brand.
