Kraft Heinz Adds Nordstrom CFO to Board
The packaged food company also named former Kroger CFO J. Michael Schlotman as a director in a move that followed a coffee business divestment.
Updated on Nov. 5, 2026 in Corporate Finance
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Kraft Heinz named Nordstrom CFO Kelly Dilts and former Kroger CFO J. Michael Schlotman to its board of directors, effective Wednesday. The appointments come as the company agreed to divest its North American coffee business to an affiliate of One Rock Capital at a $650 million enterprise value.
Why it matters
The board additions bring finance executives with retail and grocery backgrounds into Kraft Heinz's governance as it reshapes its portfolio. The coffee sale, which will generate $500 million in net cash proceeds for debt repayment, marks a significant step in that restructuring.
Kraft Heinz will receive $500 million in net cash proceeds from selling its coffee business at a $650 million enterprise value while keeping a 30% equity stake. The deal is expected to close in mid-2027 pending regulatory approval, and the company's separation plans remain paused.
The players
Kraft Heinz
Kraft Heinz is a major American packaged food company headquartered in Chicago and Pittsburgh, known for brands spanning condiments, coffee, and packaged meals.
Kelly Dilts
Kelly Dilts is a finance executive who previously served as CFO of Dollar General before joining Nordstrom as its chief financial officer.
J. Michael Schlotman
J. Michael Schlotman is a retail finance veteran who spent 34 years at Kroger, serving 19 of them as chief financial officer before retiring in 2019.
One Rock Capital
One Rock Capital is a private investment firm that is acquiring Kraft Heinz's North American coffee business through an affiliate.
The details
Kelly Dilts has served as Nordstrom's CFO since September 2025 after two years as CFO of Dollar General, and Nordstrom has since delisted from the NYSE and become a private company. J. Michael Schlotman spent 34 years at Kroger, including 19 years as CFO before retiring in December 2019.
Timeline
September 2025: Dilts began serving as Nordstrom CFO.
December 2019: Schlotman retired as Kroger CFO.
February 2026: Kraft Heinz paused its planned separation into two entities.
Mid-2027: The coffee divestment is expected to close, pending regulatory approval.
Market Landscape
Kraft Heinz paused its planned split into two entities in early 2026 and is now pursuing targeted asset sales such as the coffee divestment instead. The move reflects a broader pattern of packaged food companies reshaping portfolios to reduce debt and sharpen focus amid pressure on margins.
Shareholders in Kraft Heinz will see debt reduced by $500 million from the coffee sale, which the company says is expected to be growth and margin accretive. The retained 30% stake means investors still participate in part of the coffee business's future performance.
The takeaway
Investors tracking Kraft Heinz should watch whether asset sales and debt repayment translate into improved margins as the company pursues its restructuring. Board additions with retail finance experience may signal a focus on operational discipline going forward.
What happens next
The coffee business divestment to One Rock Capital is expected to close in mid-2027, pending regulatory approval.
Further reading
Explore more on Corporate Finance to see how companies like Kraft Heinz manage debt and portfolio changes.
Source note: This article includes information reported by CFO Dive.
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