In an exciting move for Millennials, Kraft Heinz made 29-year-old David Knopf their CFO. Knopf is a 3G partner who joined the company in 2015. In making this decision, Kraft passed over an accounting officer with more than a decade of experience in the food business.
3G has a history of promoting younger employees. This is different from the career progression used at most companies with the size and scope of Kraft Heinz.
Companies the size of Kraft Heinz generally promote executives with more operating experience to senior executive roles. General Mills and Hershey have both installed new chief executives with far more experience in the industry than Kraft Heinz.
Knopf will be the youngest CFO among the Fortune 500 companies according to BoardEx. The average age is 51 years old according to Korn/Ferry International. When 3G acquired H.J. Heinz Co. in 2013 it quickly replaced top executive with younger employees. The mindset with 3G is that it allows partners to grow and mold to fit the role.
Kraft Heinz Chief Executive, Bernardo Hees, said Knopf “is still green in some areas, but it’s my job to develop him.” He added that he was ready to take on more at the company.
Using this strategy allows companies to save money on executive salaries. We are excited to see how the youngest CFO amongst the Fortune 500 goes on to do for Kraft Heinz and as an example of what is possible for the Millennial generation.
At The Center for Generational Kinetics, we separate fact from fiction when it comes to Millennial, Gen Z and generations through original research and strategy.
Contact us today to see how we can help you solve generational challenges with customers and employees.