Slumping Kraft Heinz names new chief executive

US food giant Kraft Heinz announced Monday it will replace its chief executive as it tries to pivot from recent setbacks, including a giant asset write-down and regulatory probes.

The company said Miguel Patricio, who has been chief marketing officer at beer giant AB InBev, will become the chief executive at Kraft Heinz on July 1.

He will replace Bernardo Hees, who has led the company since the 2015 merger combining the ketchup maker with the company behind Jell-O and Philadelphia Cream Cheese.

Hees is also a partner at the Brazilian investment firm 3G Capital, which collaborated with Warren Buffett's Berkshire Hathaway on the Kraft takeover.