Kraft Heinz Co. named 29-year-old former Goldman Sachs bankerDavid Knopf as its next chief financial officer last week, part ofa shake-up aimed at reigniting growth at the slumping packaged-foodgiant.

The changes also included moving current CFO Paulo Basilio tothe role of zone president for U.S. operations, tasking him withfixing a challenging domestic business that generates about 70% ofits sales. Basilio, 42, will replace Kraft veteran George Zoghbi,though that executive will stay on as a strategic adviser.

Kraft Heinz hasn't posted sales growth since the company wascreated in a 2015 merger orchestrated by the private equity firm 3GCapital and Warren Buffett's Berkshire Hathaway Inc. The company ismired in an industrywide slowdown: The largest food companies inthe U.S. have lost almost $16 billion in sales over the past threeyears amid broad shifts in how consumers eat and shop.

Knopf joined Kraft Heinz in July 2015 in connection with themerger and took a number of roles, including vice president offinance and head of global budget planning. In addition to stintsat Goldman Sachs and Onex Partners, he previously worked at 3G,which continues to run Kraft Heinz.

The private equity firm often elevates young executives into toproles — an approach it has taken at its other businesses.Restaurant Brands International Inc., which also is backed by 3G,is run by 37-year-old Daniel Schwartz. He was just 32 when hebecame CEO of Burger King, which later merged with Tim Hortons tocreate Restaurant Brands. The restaurant chain's CFO, Josh Kobza,was still in his 20s when he joined the C-suite.

Cost Cutting

Kraft Heinz, known more for slashing costs than nurturingbrands, has tried to update its portfolio to meet changing tastes,adding organic Capri Sun and removing artificial ingredients fromOscar Mayer hot dogs. But growth has been elusive.

To keep its expansion going, Kraft Heinz attempted to acquireUnilever earlier this year for $143 billion. But that offer wasrebuffed, partly over concerns of a culture clash betweenUnilever's sustainability focus and 3G's cost-cutting efforts.

Buffett, who remains the top investor in Kraft Heinz, has pouredcold water on the idea of renewing the Unilever bid — or making anoffer for a U.S. food company like Mondelez International Inc. Hetold CNBC last month that acquiring a bigger stable of brands alonewouldn't make a deal worthwhile.

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