(Barrons) 3 Things to Know About New Kraft Heinz CEO Miguel Patricio

(Barrons)

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Kraft Heinz on Monday named a new CEO, announcing that Miguel Patriciowill succeed Bernardo Hees effective July 1.

Who is Miguel Patricio? Here are three things you need to know about the newest chief of Kraft Heinz (ticker: KHC).

Patricio has experience with consumer staples

Patricio joined Anheuser-Busch InBev as vice president of marketing in 2005, after working at AB Inbev precursor Cervejaria Ambev beginning in 1999. Before that he worked at other consumer-product companies, includingPhilip Morris , Coca-Cola and Johnson & Johnson , according to Kraft.

He was global chief marketing officer at AB InBev from 2012 until July 2018, when he was replaced and given other project duties. During that time he helped increase organic sales of global brands Corona, Budweiser and Stella Artois to high single digits, according to a Kraft Heinz statement, which represented more than one-third of AB Inbev’s organic growth and 20% of its year-end global revenue last year.

He pushed Bud Light’s “Dilly Dilly” campaign

Patricio told Business Insider in 2017 that Bud Light’s popular “Dilly Dilly” catchphrase almost didn’t make it past focus-group testing.

“We never expected this to be so successful,” he said. “It didn’t test that well. We did that ad, actually, because of the new season of Game of Thrones coming, but when we tested, it didn’t test that well. We said, consumers will get it.”

“And especially with repetition,” he added. “We have a chance here for this to become big. So, we went against the research and we gave a chance to ‘Dilly Dilly’ and we are so happy!”

He has international branding experience

Patricio was born in Portugal, and has worked in international markets throughout his career.

At AB Inbev, he served as president of Asia Pacific from 2008 to 2012. During that time he helped Budweiser become the leading brand in China, as well as expanding local Chinese brands such as Harbin. Revenue in the Asia Pacific market grew to $2.7 billion in 2012 from $1 billion in 2008.

Asia Pacific now represents approximately 15% of the company’s global revenue and 18% of global volume.

In the Kraft announcement, Patricio said he hopes to “capitalize on the growth opportunities that exist in the rapidly evolving food industry.” He told the Wall Street Journal that some of Kraft’s brands “are a little bit dusty and we have to rejuvenate them.”