Kraft Heinz halts split, new CEO says problems are 'fixable'

Kraft Heinz has paused ongoing work to split the company in half, it said on Wednesday, with many of its challenges "fixable and within our control", according to new CEO Steve Cahillane. Shares of Kraft Heinz were down about 5% in premarket trading. It first announced plans to split into two companies - one focused on groceries and the other on sauces and spreads - in September, after never achieving the kind of growth expected when Kraft and Heinz were merged a decade ago. "My number one priority is returning the business to profitable growth, which will require ensuring all resources are fully focused on the execution of our operating plan. As a result, we believe it is prudent to pause work related to the separation and we will no longer incur related dissynergies this year," Cahillane, who took charge in January, said. The company had expected to close the spinoff at the end of 2026 and brought on industry veteran and former Kellogg boss Cahillane to guide it through the split. Did they get scared from Berkshire wanting to sell more then 1/4 of all outstanding shares? Are they hoping to regain their trust and support by doing this? I don't know what to think about it. I bought for the upcoming split. But the new CEO seems promising.