Heineken broke with almost a century of writing and yesterday appointed Rafael Oliveira as its new global CEO. It is an unprecedented move at the Dutch brewery, which sought outside its ranks the professional it believes to be most capable of facing the drop in sales.
The choice of a Rio native for the mission of restructuring Heineken’s management and strategy gives a green-and-yellow veneer to the global dispute in one of the most competitive consumer segments on the planet: beer.
This is because, with Oliveira’s arrival at Heineken, the two largest companies in the sector will be led by Brazilians. The Dutch company has the second global position, only surpassed by AB InBev, which has had Brazilian Michel Doukeris as CEO since 2021.
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The differences at the top
Based in Belgium and the USA, AB Inbev is the controlling company of the Brazilian Ambev, owner of national brands such as Brahma, Skol and Antarctica. The largest brewery in the world brings together a huge portfolio spread across several other countries, which also includes brands from the beer world such as Corona, Stella Artois and Budweiser.
The main business of Brazilian billionaires Jorge Paulo Lemann, Alberto Sicupira and Marcel Telles, from the 3G investment fund, AB InBev is the result of the merger of Ambev with other global giants, such as Anheuser-Burch and SABMiller, bringing together more than 500 brands, including eight of the ten most valuable in the world.
From Amsterdam, Heineken operates in more than 70 countries with the main brand that bears its name, but also with well-known labels such as Amstel, Tiger, Desperados, Birra Moretti and Sol. Its portfolio is more focused on premium markets.
Heineken is controlled by the De Carvalho-Heineken family, which holds the majority stake in the company and occupies five of the eight seats on the holding company’s board. Although it is in second place, it produces about half of AB InBev’s annual beer volume.
It is a highly concentrated market in the world. Other large brewers, such as the Danish Carlsberg and the American Molson Coors, are much further away from the two largest.
Dutch renovation
The arrival of Rafael Oliveira, 51 years old, signals a renewal effort at Heineken. He was CEO of the Dutch JDE Peet’s, a coffee and tea company that owns the Pilão and L’Or brands in Brazil, where he stayed for less than two years. The executive will take over leadership of Heineken on October 1st and will be the second non-Dutch to lead the company in its history.
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Initially, Oliveira will hold the position for a limited period of four years, the Heineken Board of Directors said in a statement. After the announcement, Heineken shares soared on the Amsterdam Stock Exchange.
According to the new CEO, Heineken’s strategy for 2030, of seeking growth with fewer resources, is a solid foundation for the future. “I am confident that we will accelerate growth, boost productivity and prepare Heineken for the future, winning the hearts of consumers around the world,” he said in a statement.
Heineken offered financial compensation of almost €25 million (around R$150 million) to Oliveira through shares in the brewer. The payment was for the fact that he forwent a potentially even larger bonus that he would have received at his previous job.
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Graduated in Economics, with an MBA from the University of Chicago, the Brazilian executive spent less than two years at JDE Peet’s, a company that was purchased by the American giant Keurig Dr Pepper in 2025. Previously, he worked for ten years at the bank Goldman Sachs and worked at Kraft Heinz, an American food giant that is also in the portfolio of 3G, owned by the trio of Brazilian billionaires.
In fact, here is what Oliveira has in common with his newest rival, Michael Doukeris, the CEO of AB Inbev. Although the two did not work at the same company, they once had the three Brazilian billionaires as bosses.
At Kraft Heinz, Oliveira rose to the position of president of international markets. In this role, he was responsible for a portfolio of more than US$7 billion spread across Europe, Africa, Asia-Pacific and Latin America.
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In Belgian, house silver
If Heineken is preparing for new winds, at AB InBev the watchword has been stability. Michel Doukeris received leadership of the Belgian drinks giant in 2021 from another Brazilian, Carlos Brito, who spent 15 years at the helm of the company.
Doukeris was presented as a continuity name to replace Brito. He manages more discreetly than his predecessor, but with the same style based on aggressive acquisitions and focus on courses and results. He led the repositioning of AB InBev’s brands and faced the growth of artisanal labels, many taken over by the company.
At 53 years old, he is a kind of “silver of the house”, a career employee who grew quickly in the company until he reached the top. Born in Lages, in Santa Catarina, and trained in engineering, Doukeris has accumulated experience in brand and innovation management.
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He has been running the company since 2021, but joined in 1996. He held positions in the company’s commercial operations in several countries until leaving for Belgium to replace Brito, CEO who led the acquisitions that formed the global beverage giant.
In ten years, Doukeris went from vice president of soft drinks at Ambev to heading AB InBev in North America, having, in the meantime, led the company’s operations in China, the Asia Pacific region and global sales.
The que mute in Heineken
Heineken’s Board of Directors unanimously chose Rafael Oliveira, highlighting his “unique combination of strategic vision, operational experience and financial acumen”, according to a company statement. “He brings a fresh perspective that should revitalize Heineken,” the company added.
The shake-up of Heineken’s management comes after the departure of former CEO Dolf van den Brink at the end of May, after six years at the helm and more than 28 years of experience at the company. The company faces weak sales as people reduce their alcohol consumption and consumers on a tight budget limit their spending.
In April, the company reported a drop in beer sales volume in the first quarter as demand weakened in strategic markets in Europe and the Americas. Heineken has lagged industry competitors such as Anheuser-Busch InBev and Carlsberg in business recovery following the slowdown seen in the post-pandemic period.
In April, Heineken reported that beer sales volumes fell in the first quarter, reflecting a decline in demand in key markets in Europe and the Americas. But the company has already said it is optimistic about demand for beer in emerging markets such as Vietnam and South Africa, where younger populations and rising incomes have boosted sales.
Heineken is currently implementing a cost reduction program that includes cutting around 7% of its global workforce.
According to a report by analysts Edward Mundy and Sebastian Hickman, from Jefferies, Oliveira has a proven track record of “transforming strategy into measurable financial results”.
“We hope this reinforces a high-performance culture at Heineken, focusing on simplification, more efficient allocation of resources” and executing the company’s plan to achieve up to €500 million in annual productivity savings, they said.
Separately, Keurig Dr Pepper said it has begun a search for a new CEO for its coffee division. Pamela Patsley, chair of KDP’s board of directors and the company’s nominating and governance committee, will lead the selection process.
