Stock Market Update

[BRIEFING.COM] The major averages trade in a steady range near session lows at midday. 

Kraft Heinz (KHC 24.68, +0.18, +0.76%) announced this morning that Steve Cahillane will succeed Carlos Abrams-Rivera as Chief Executive Officer, effective January 1, 2026, marking a significant leadership transition at an important time as the company works toward its planned split into "Global Taste Elevation Co." (Heinz, Philadelphia and Kraft Mac & Cheese) and "North American Grocery Co." (Oscar Mayer, Kraft Singles and Lunchables).

Mr. Cahillane will also join KHC's Board and is slated to serve as CEO of Global Taste Elevation Co. following the separation. The broader packaged food backdrop has been choppy, with tariff-related cost pressures and a more value-conscious consumer weighing on volumes and category growth.

In an interview with CNBC, Mr. Cahillane said that he is excited about both the opportunity and the separation and noted that he thinks the business can turn around before the separation.