Kraft Heinz Brings Back Paulo Basilio As CFO

(RTTNews) - Kraft Heinz Co. (KHC) Monday said its former Chief Financial Officer Paulo Basilio will return to reprise his role at the packaged-food company to help its slowing sales.

Basilio will take over the role on September 1. Current CFO David Knopf will return to private equity firm 3G Capital. Knopf, who previously worked at Goldman Sachs, got the role of CFO at Kraft Heinz in 2017.

Chief Executive Officer Miguel Patricio, who took over the reigns of the company in July, "made the strategic decision to shift to a seasoned veteran.

Kraft Heinz is in the midst of a restructuring and has had to restate financial statements going back to 2016.