When the Kraft Heinz deal closed in 2015, Knopf joined as vice president of finance, then took over as category head for the company’s $1 billion Planters nuts business. In addition, the company announced an SEC investigation into its procurement process that uncovered employee misconduct, which delayed the filling of Kraft Heinz’s full year 2018 results and will prompt a need to restate its financial statements for 2016 and 2017. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements. 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.

• When the Kraft Heinz deal closed in 2015, Knopf joined as vice president of finance, then took over as category head for the company’s $1 billion Planters nuts business.
• 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.
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• Has named Paulo Basilio as its new chief financial officer, effective Sept. 1.
• He will return to private equity firm 3G Capital where he has been a partner since 2015.

Mr. Knopf joined Kraft Heinz in July 2015 in connection with the merger of Kraft Foods and H.J. Heinz, initially serving as vice-president of finance, head of global budget and business planning, zero-based budgeting, and financial and strategic planning. Prior to taking over for Mr. Basilio as c.f.o. in October 2017, he was was vice-president and category head of the Planters business. Newly-appointed chief executive officer replaced finance chief David Knopf on Monday in what he said was a strategic decision, naming the more “seasoned” Paulo Basilio, after the company was forced to restate three years of results. Basilio, currently the chief business planning and development officer for Kraft Heinz, will take over from 1 September. 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. 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.

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The world’s fifth-largest food and beverage company, Kraft-Heinz, recently announced 29-year-old David Knopf is to be its CFO. Patricio has a big hill to climb to turn around the company, whose shares are still reeling from a $15.4 billion writedown on the value of its brands earlier this year. Internal probes have also revealed accounting issues that led the company to restate several years of earnings, and it has received a subpoena. And just Friday, S&P Global Ratings said it could downgrade Kraft david knopf kraft heinz Heinz to a junk credit rating by mid-2021 if it fails to reduce its debt levels. 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. 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. Covers all compensation-like awards that don’t fit in any of these other standard categories.

• Delayed by an internal investigation, Kraft Heinz released its 2018 annual report in June, when it revealed it understated the costs of products sold by $208 million over three years.
• 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.
• 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.
• Newly-appointed chief executive officer replaced finance chief David Knopf on Monday in what he said was a strategic decision, naming the more “seasoned” Paulo Basilio, after the company was forced to restate three years of results.
• Kraft Heinz Co. replaced its chief financial officer with his predecessor after accounting errors and weak sales at the food giant have undermined the value of its brands and shares.
• Knopf took advantage of that youth-friendly culture, working next to 3G co-founder Jorge Paulo Lemann (No. 22 on Forbes’ billionaire list) to run its private-equity division.
• The Chicago-based company said on Monday that finance chief David Knopf, 31 years old, will return to 3G Capital, the private-equity firm that worked with Warren Buffett’s Berkshire Hathaway Inc. to create Kraft Heinz through a merger in 2015.

After he stepped down as CFO of Kraft Heinz, he was president of U.S. commercial business. In July, he was named chief business planning and development officer. Basilio served as CFO from July 2013 to October 2017 and was replaced byDavid Knopf, who came from 3G Capital. Heinz before Berkshire Hathaway and 3G Capital bought Kraft Foods and merged it with Heinz.

At 29 Years Old, Kraft Heinz’s New CFO Is One of the Youngest Ever at a Large U.S. Company

All proxy statements are public filings made available to the general public by the SEC. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Heinz in 2013 and continued in the role after the 2015 merger with Kraft Foods. Basilio has served as president of the U.S. commercial business since 2017 and last month was named chief business planning and development officer.

Previously, Knopf held several senior leadership roles at the Kraft Heinz Company, including Chief Financial Officer, and held positions in private equity at Onex Partners, and investment banking at Goldman Sachs. Knopf was also named in Forbes’ 30-under-30 list in 2017 for his role in the $11-billion Burger King-Tim Hortons merger and the merger of Heinz and Kraft. Tonya Garcia is a MarketWatch reporter covering retail and consumer-oriented companies. Tonya joined MarketWatch from Moguldom Media, where she was business editor for MadameNoire, a website targeting African-American women with a range of content from personal finance to economics, politics, education and lifestyle and entertainment. She also worked at Mediabistro, and previously handled media relations for MSLGroup’s consumer practice. According to Kraft Heinz, Basilio’s compensation (which was nearly $18.9 million last year, mostly in stock awards, according to company filings) is not expected to change with the executive role shift. The information shown here is a reporting of information included in the company’s proxy statement.

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The outcome of the Kraft-Heinz deal was Knopf’s appointment as vice president of finance and head of the Planters nuts category at the business, as well as being Head of Global Budget & Business Planning, Zero-based budgeting, and Financial & Strategic planning. Under Knopf, who became CFO in 2017 at the age of 29, Kraft wrote down $15.4 billion in value of its brands Kraft and Oscar Mayer. He will return to private equity firm 3G Capital where he has been a partner since 2015.

By using this site, you are agreeing to security monitoring and auditing. David Knopf, who was 29 and the youngest high-ranking executive at the company when he assumed the CFO role in 2017, will leave the processed food giant to return to 3G Capital, where he has been a partner since 2015. Basilio, 44, previously served as CFO from July 2015 to October 2017, when 3G Capital’s David Knopf replaced him at age 29. After a transition, Knopf will return to the Brazilian investment firm, where he is a partner. Has named Paulo Basilio as its new chief financial officer, effective Sept. 1.

Knopf is Kraft’s youngest-ever CFO

Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. The company said it has not determined whether to change Basilio’s compensation with his shifting role to Kraft Heinz CFO. Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users. To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. We reserve the right to block IP addresses that submit excessive requests. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. To allow for equitable access to all users, SEC reserves the right to limit requests originating from undeclared automated tools.

Among the others are Seneca Foods Corp., Camping World Holdings, Inc., and PPG Industries Inc., the Wall Street Journal reported. When autocomplete results are available use up and down arrows to review and enter to select. The change is the first big move by new CEO Miguel Patricio since the Portuguese marketing veteran was brought in from Anheuser-Busch InBev in April with the aim of rebooting Kraft Heinz. From breaking news to R&D insights, we’ll send you the top stories affecting the industry.