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Kraft Heinz
CEO Steve Cahillane said the company sees its biggest growth opportunities in modernizing legacy brands and making them more relevant to changing consumer preferences.
“What I found when I came inside Kraft Heinz is … outstanding brands that had been underinvested,” Cahillane said on CNBC’s “Mad Money” on Wednesday. “With investment, focus, attention, good customer plans, good consumer plans, they can grow again.”
The packaged food giant — known for brands like Heinz, Kraft, Philadelphia Cream Cheese, Lunchables and Oscar Mayer — reported first-quarter earnings and revenue that topped expectations Wednesday. Shares rose more than 2% as investors spotted some reasons to believe in Cahillane’s turnaround efforts. Kraft Heinz’s stock has been in stuck in a yearslong decline, and in September the company announced plans to unwind its massive 2015 merger, in an attempt to reverse its fortunes. However, in February, Cahillane said work on the separation was being paused, believing its problems could be fixed without a breakup.
