01—Abstract
Summary
Summary of the 8-K filed October 28, 2024. Cited figures are marked; the original filing is the authoritative source.
The Kraft Heinz Company (Nasdaq: KHC) filed this Current Report on Form 8-K to disclose the October 24, 2024 appointment of Debby Soo to its Board of Directors, effective as of that date.
The filing states that Ms. Soo was not selected under any arrangement or understanding with other persons and that there are no transactions between her and the Company reportable under Item 404(a) of Regulation S-K. She will be compensated under the Company's non-employee director compensation program, as described in its proxy statement filed March 22, 2024. The accompanying press release (Exhibit 99.1), dated October 28, 2024, identifies Ms. Soo as CEO of OpenTable, Inc., a role she has held for more than four years.
Previously she spent more than 10 years at KAYAK, where she most recently served as Chief Commercial Officer, and earlier held positions at Google and Citigroup Global Markets. She has also served on the Board of Directors of EverCommerce Inc. since 2021. Chair Miguel Patricio and CEO Carlos Abrams-Rivera framed her expertise in technology development, global business strategy, and organizational transformation as relevant to the Board's oversight of long-term growth strategy.
The filing is a governance disclosure and does not report financial results, guidance, or financial statement figures. The press release notes that Kraft Heinz had 2023 net sales of approximately $27 billiona and describes its portfolio as eight consumer-driven product platforms.
02—Key points
Key Highlights
- Board appointment: Debby Soo was appointed to The Kraft Heinz Company's Board of Directors effective October 24, 2024, and the announcement was made in a press release dated October 28, 2024.
- Independence and related-party disclosures: The filing states Ms. Soo was not selected pursuant to any arrangement or understanding with other persons and has no reportable transactions with the Company under Item 404(a) of Regulation S-K.
- Director compensation: Ms. Soo will be compensated under the Company's non-employee director compensation program, as described in the proxy statement filed March 22, 2024.
- Professional background: The press release states Ms. Soo has been CEO of OpenTable, Inc. for more than four years and previously spent more than 10 years at KAYAK, most recently as Chief Commercial Officer.
- Other board service: Ms. Soo has served on the Board of Directors of EverCommerce Inc. since 2021.
- Management commentary: CEO Carlos Abrams-Rivera said her experience with emerging technologies and organizational transformation will support the modernization of the Company, which he described as re-engineered with Agile@Scale.
- Scale context: The press release states Kraft Heinz had 2023 net sales of approximately $27 billion across eight consumer-driven product platforms.
03—Questions
Frequently Asked Questions
Who is Debby Soo and what is her background?
Debby Soo is the CEO of OpenTable, Inc., where the press release says she has served for more than four years. Before that, she spent more than 10 years at KAYAK, most recently as Chief Commercial Officer. She earlier held positions at Google and Citigroup Global Markets, and holds a B.A. and M.A. from Stanford University and an MBA from the Massachusetts Institute of Technology.
When did Ms. Soo's appointment take effect?
Her appointment to the Board was made on October 24, 2024 and is effective as of that date. The Company announced it in a press release dated October 28, 2024.
Is Ms. Soo's appointment linked to any arrangement with the Company?
The filing states that Ms. Soo was not selected pursuant to any arrangement or understanding between her and any other persons. It also states there are no transactions between her and the Company that would be reportable under Item 404(a) of Regulation S-K.
How will Ms. Soo be compensated for her Board service?
The filing states she will be compensated under the Company's compensation program for non-employee directors, as described in the Company's proxy statement on Schedule 14A filed with the SEC on March 22, 2024.
Does this filing report any financial results?
No. The filing is a governance disclosure about a Board appointment. Its only financial reference is the press release's statement that 2023 net sales were approximately $27 billion.
04—Continue