(Updated - February 21, 2019 5:46 PM EST)

Kraft Heinz (NASDAQ: KHC) said in its earning slide deck that it is reducing its quarterly divided to 40 cents. The previous divided was 62.5 cents.

Reducing quarterly dividend to $0.40 per share

• Accelerating deleveraging process to provide greater balance sheet flexibility
• Rightsizing payout to reflect announced divestitures, as well as those under consideration
• Establishing base dividend that can grow consistent with EBITDA growth over time