“调料大王”卡夫亨氏 “断舍离”，换帅、分拆与海天、千禾夹击下的自救行动

Core Viewpoint - Warren Buffett expressed "disappointment" regarding Kraft Heinz's latest split plan, marking a significant shift in sentiment after a decade of investment [1] Group 1: Company Strategy and Leadership Changes - Kraft Heinz is undergoing a radical split into two independent entities: Global Taste Elevation Co. and North American Grocery Co., with a focus on separating high-growth assets from underperforming ones [7] - Steve Cahillane, known for his successful restructuring of Kellogg and Kellanova, has been appointed as CEO to lead the Global Taste Elevation Co. [2][4] - The board's decision to hire a restructuring expert signals a need for significant value release rather than mere incremental improvements [7] Group 2: Market Performance and Challenges - Kraft Heinz's global net sales declined by 2.3% year-over-year, with a 3.5% drop in volume, indicating struggles in both established and emerging markets [8] - The Chinese market, deemed a "Must-Win Market," faces challenges from local competitors like Qianhe and Haitian, which have captured consumer interest and market share [8][11] - The company's reliance on a limited product range, particularly tomato ketchup and soy sauce, has hindered its ability to compete in the evolving market landscape [9] Group 3: Management and Operational Adjustments - A significant management overhaul in the China region has been initiated, with Fred Xiao appointed as the first local managing director in five years, emphasizing operational efficiency and supply chain improvements [12][14] - The new leadership aims to address past issues of excess inventory and strained distributor relationships, focusing on enhancing market responsiveness [14] - The success of the new management team will be critical, as failure to achieve growth targets may lead to the divestiture of the Chinese business [16]