" In an effort to improve the company’s financial position and return to profitable growth, Kraft Heinz (KHC) has paused the execution of its separation plan.

“My number one priority is returning the business to profitable growth, which will require ensuring all resources are fully focused on the execution of our operating plan,” Kraft Heinz CEO Steve Cahillane said Wednesday. "As a result, we believe it is prudent to pause work related to the separation, and we will no longer incur related dis-synergies this year.”

Instead of pursuing a divestiture, the company will invest $600M in marketing, research and development, as well as “select pricing.”

Cahillane’s decision gained the support of Board Chairman John Cahill, who said the decision to pause the separation and fully focus the company’s resources towards growth “is the right move at this time.”

Shares are down 7% in Wednesday’s premarket trading.

This story is developing. Check for updates."