Skip to main content

Kraft Heinz (KHC) is shifting the former chief financial officer of H.J. Heinz, Paulo Basilio, back into the role as of Sept. 1, the company revealed on Monday, part of the company's efforts to deal with accounting irregularities that have forced it to re-state its earnings.

In an 8-K regulatory filing filed with the Securities and Exchange Commission, Kraft Heinz said Basilio will take over the job from current Chief Financial officer David Knopf, who will return to 3G Capital, where he has been a partner since 2015.

Basilio, 44, joined H.J. Heinz Holding Corp. as finance chief in 2013. Following the closing of the merger of Kraft Foods, Basilio served as executive vice president and CFO until October 2017, when he assumed the role of president of the company's U.S. commercial business. Since July 2019, Basilio has served as the company's chief business planning and development officer.

Kraft Heinz shocked investors earlier this year after revealing that it needed to re-state its financial results for both 2016 and 2017 amid accounting irregularities - specifically in procurement, where an internal probe found that several employees had engaged in misconduct linked to the recognition of costs and rebates.

Earlier this month the packaged foods company announced another delay in its second-quarter earnings report, which revealed a further $1 billion in impairments owing to the investigation.

The adjustments clipped around 10 cents a share from Kraft Heinz's earnings over a period of just under three years, the company said.

Shares of Kraft Heinz were up 0.32% to $25.41 in early trading on Monday.

Save 57% With Our Labor Day Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor! Click here to sign up!