Kraft Heinz gets a new CEO ahead of company split: Can Steve Cahillane turn around the ailing food giant?

Kraft Heinz announced on Tuesday that new CEO Steve Cahillane will join the food giant to help steer its split into two companies. The former head of Kellanova joins the ailing food giant after years of declining sales and slow growth, and as shares are down 75% since 2017.

In 2026, the company will split into two independent, publicly traded companies—Global Taste Elevation Co. and North American Grocery Co.—with the first one focused on condiments and the Heinz ketchup brand, and the second on Oscar Mayer, Kraft Singles, and Lunchables brands.

Cahillane comes on board January 1 and will serve as chief executive officer of Global Taste Elevation Co., which will continue to house the Philadelphia and Kraft Mac & Cheese brands, along with Heinz.

“I’m confident the planned separation will accelerate the Company’s ability to compete and win in today’s environment,” Cahillane said in a statement.

Cahillane brings a wealth of industry experience to Kraft Heinz, having most recently served as chief executive of Kellanova, where he oversaw the recent acquisition by Mars and the expansion of household brands including Pringles, Cheez-It, Pop-Tarts, and Kellogg’s.

More notably, he led the Kellogg Co. through the successful separation of its North American cereal business and the launch of Kellanova, a global snacking powerhouse. That experience should come in handy in the coming months.

“Steve is uniquely qualified to lead this organization into the future, and we are delighted he will be taking on the role of CEO,” Kraft Heinz’s chair Miguel Patricio said in a statement.

Kraft Heinz financials

In its third-quarter earnings, the food giant reported adjusted earnings per share (EPS) of $0.61, beating analyst estimates. However, revenue fell short of expectations, with the company reporting a year-over-year net sales decline of 2.3%.