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Kraft Heinz (KHC - Get Report) named Miguel Patricio as CEO, succeeding Bernardo Hees.

Patricio's appointment is effective July 1. He comes from Anheuser-Busch InBev, where he served as global chief marketing officer from 2012 to 2018.

Hees has served as CEO since 2013. He was CEO when Kraft and Heinz merged in 2015. He also is leaving at a tough time for the giant foodmaker.

Last month, Standard & Poor's put the company on CreditWatch negative due to its failure to file its annual report with the Securities and Exchange Commission even after the deadline to do so was extended. That followed a disastrous end to February when Kraft Heinz wrote down $15.4 billion on its Kraft and Oscar Mayer brands, slashed its dividend and disclosed a subpoena from the SEC.

Warren Buffett's Berkshire Hathaway  (BRK.A - Get Report)  has a 26.7% stake in the company, and even though it took a big hit from Kraft's troubles Buffett said in mid-March that he has no plans to exit his stake.

Shares of Kraft Heinz rose 0.9% in trading Monday to $33.25. The stock has declined nearly 23% so far in 2019.