The Kraft Heinz Company (NASDAQ:KHC) traded higher on Tuesday after announcing a leadership overhaul tied to its planned corporate split.
At last check, shares of the packaged food maker traded at around $24.79 each, up about 1.18%, after it confirmed that longtime consumer executive Steve Cahillane will become CEO effective Jan. 1.
He will also join the board of directors at the same time.
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Following the planned separation, Cahillane will lead Global Taste Elevation Co., one of the two new independent companies Kraft Heinz will split into later next year.
The company expects the separation to create two standalone public businesses.
Current Carlos Abrams-Rivera will step down on Jan. 1. He will remain an advisor through March 6.
The board said the advisory period ensures continuity during the transition. Abrams-Rivera previously helped prepare the company for separation.
John T. Cahill will become board chair as part of the transition. He succeeds Miguel Patricio, who currently serves as chair. Patricio will remain on the board after stepping aside. Cahill will continue leading the board's separation committee.
Cahillane most recently led Kellanova until its sale to Mars in late 2025. He previously guided Kellogg through its corporate separation.
His career spans more than three decades across global food and beverage companies. Past roles include senior leadership positions at Coca-Cola, AB InBev, and Nature's Bounty.
"I am honored to be joining Kraft Heinz as CEO at such a pivotal and exciting time," Cahillane said.
Kraft Heinz announced the split in September after a strategic review.
Search For Grocery CEO
The board will launch a global search for a chief executive for its other post-split business, North American Grocery Co. Both entities will operate independently with distinct strategies.
KHC Price Action: The Kraft Heinz Company shares are trading higher by 1% to $24.76 at last check Tuesday.
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