At the age of only 29, 3G Capital partner David Knopf has made it to the C-suite of a $100 billion, Fortune 500 company with his appointment as CFO of Kraft Heinz.
Paulo Basilio has been named zone president of Kraft Heinz’s USA business. Knopf joined the company in July 2015 following the merger of Kraft Foods and H.J. Heinz Company, initially serving as vice president of Finance, Head of Global Budget & Business Planning, Zero-Based Budgeting, and Financial & Strategic Planning. COO George Zoghbi will take a full-time strategic advisor role and work with the board of directors, Kraft Heinz said.
3G has a reputation for promoting young executives.
Knopf will replace Paulo Basilio, 42, as finance chief of Kraft Heinz, with Basilio moving on to become president of the company’s USA business. 3G Capital, where Knopf is also a partner, isn’t afraid of youth and has handed young executives plum roles before: Daniel Schwartz was just 32 when he was named CEO of Burger King, also controlled by 3G, and the restaurant business’s CFO also took the job in his 20s, according to Bloomberg. He previously had various roles at private-equity firm 3G Capital, where he worked on big deals, including of Burger King and Heinz. When the fast food chain merged with its Canadian neighbor Tim Hortons, he became CEO of the parent company. The company has not posted any sales growth since the 2015 merger. Since then, the Pittsburgh-based company been known more for cutting costs than expanding brands.
To keep its expansion going, Kraft Heinz attempted to acquire Unilever earlier this year for $143 billion.
Shares of Kraft-Heinz were trading up fractions of a percent at midday in NY.