Stock Futures Tick Lower Ahead of Jobs Report; AI Concerns Continue to Weigh on Tech Shares

Kraft Heinz Names New CEO Ahead of Planned Split

32 minutes ago

Kraft Heinz (KHC) will have a new chief executive ahead of its planned split next year.

Kraft Heinz on Tuesday said Steve Cahillane will become its CEO, effective Jan. 1. Cahillane, who served as Kellanova’s chief executive until its recent acquisition by Mars, also will join its board and serve as CEO of “Global Taste Elevation Co.” following its planned split into two independent, publicly traded companies.

Carlos Abrams-Rivera “will step down January 1 and serve as an advisor to the Company until March 6, 2026, to ensure a seamless leadership transition,” Kraft Heinz said. Abrams-Rivera originally was supposed to lead the post-split grocery business, “North American Grocery Co.,” but no longer. Kraft Heinz’s board will “initiate a global search for a CEO” for the grocery business, it said.

“Global Taste Elevation Co.” is the bigger of the two planned companies, housing brands including Heinz ketchup, Philadelphia cream cheese, and Kraft Mac & Cheese. “North American Grocery Co.” will include Oscar Mayer, Kraft Singles, and Lunchables. 

Kraft Heinz announced in September that it planned to break up, undoing a merger that was just a decade old.

“I’m confident the planned separation will accelerate the Company’s ability to compete and win in today’s environment and unlock the immense opportunity in front of us,” Cahillane said.

Frontier Airlines’ Parent Replaces CEO

1 hr 4 min ago

Frontier Group Holdings (ULCC) decided to make a change at the top.

The parent of ultra-low-cost carrier Frontier Airlines announced after markets closed Monday that longtime CEO Barry Biffle was being replaced on an interim basis by company president James Dempsey.

Biffle, who had served as Frontier’s CEO 11 years, will remain in an advisory role through the end of the year.

“With 13 bases and a strong cost advantage, I believe Frontier is well positioned to deliver unrivaled value to customers across the United States,” said Dempsey, who joined Frontier in 2014 as CFO. “I look forward to partnering with our team to write Frontier’s next chapter as we strive to create long-term value for all stakeholders.”

Ultra-low-cost carriers like Frontier and Spirit Airlines have struggled mightily in recent years, as bigger airlines offer more premium offerings and international flights, as well as more robust loyalty programs. Frontier attempted to combine with Spirit three years ago but was outbid by JetBlue, a merger that ultimately was rejected by the Biden administration. Spirit has filed for bankruptcy twice in just over a year.

Frontier’s shares have lost 19% of their value this year entering Tuesday.