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Kraft Heinz says Paulo Basilio to return as CFO
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Kraft and Heinz products
Scott Olson | Getty Images
Kraft Heinz named Paulo Basilio as its new chief financial officer, effective Sept. 1.
Basilio previously served as CFO until October 2017, when 3G Capital Partner David Knopf replaced him. After a transition period, Knopf will return to the Brazilian investment firm.
Over the last year, the food giant has dealt with a series of struggles, sending shares down 57%. In February, it disclosed a subpoena from the Securities and Exchange Commission four months earlier related to its accounting policies and internal controls. It also took a $15.4 billion write-down on Kraft and Oscar Mayer, two of its biggest brands.
In May, the company said that it will have to restate its financial statements for 2016 and 2017 after a review into its procurement and accounting procedures — prompted by the SEC subpoena — discovered employee misconduct.
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