David Knopf, who assumed the role of chief financial officer of Kraft Heinz in 2017, is leaving the post a little less than two years after taking the position. Replacing him, effective September 1, will be his predecessor, Paulo Basilio, who currently is president of Kraft Heinz’s U.S. commercial business and last month became chief business planning and development officer. The executive change comes after a year filled with accounting errors and lackluster sales. Basilio was previously CFO of H.J. Heinz Holding Corporation in 2013 and retained that title after the company, which was bought by Warren Buffett’s Berkshire Hathaway and private equity firm 3G Capital, merged with Kraft Food.
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. Knopf’s total compensation was $7.5 million.
Knopf is slated to return to 3G Capital where he is currently a partner.