From Jell-O to Philadelphia cream cheese, Kraft Heinz is putting a new spin on old favorites

Kraft Heinz is giving some of America's most familiar grocery staples an unexpected makeover in a bid to revive long-slumping sales and win back support from Wall Street.

The packaged food giant — known for brands like Heinz, Kraft, Philadelphia Cream Cheese, Lunchables and Oscar Mayer — is reinventing its decades-old brands to appeal to changing consumer tastes, particularly growing demand for protein and convenient foods, CEO Steve Cahillane told CNBC's Jim Cramer on Thursday.

"I think the mistake that was made at Kraft Heinz before I arrived in the last several years is this notion that there's a 'forever brand,' that brands can just live on the history of their past," Cahillane said after Kraft Heinz held an investor day earlier Thursday. "That's not true. But equally, brands that existed for a long time are not necessarily destined for the dustbin of history."

"You have to innovate. You have to bring new news. You have to bring excitement with your brand," he added.

That philosophy is central to Cahillane's turnaround strategy. Since taking the helm at the start of 2026, he has directed an additional $700 million toward the business and hired 400 employees. He also paused plans to split Kraft Heinz into two companies. At Thursday's investor day, Kraft Heinz projected that it would return to top- and bottom-line growth in the second half of 2027. The company's revenue has declined on an annual basis in back-to-back years, with analysts also projecting a 1% drop in 2026, according to FactSet.

"I saw a lot that was fixable," Cahillane said. "If we spent all of this year separating the business ... we would have ended up with two suboptimal businesses."

He argued that the company's resources could be put to better use revitalizing the company's brands.

One of the clearest examples of that strategy is Kraft Mac & Cheese. The nearly century-old brand has returned to growth following the introduction of products including PowerMac, which packs 17 grams of protein and six grams of fiber, and Restaurant Edition, which brings restaurant-inspired flavors to the classic boxed format.

Perhaps an unexpected innovation is Kraft Mac & Cheese Cheesy Ramen, which debuted in Canada in July to overwhelming demand. "We sold out three months' worth of stock in a week," Cahillane said, adding that the company plans to bring the cheesy noodles to U.S. shelves next year.

Jell-O is also joining the protein craze, which has been fueled in part by fitness influencers and the rise of GLP-1 weight-loss medications. Kraft Heinz plans to introduce pudding with 10 grams of protein, giving the nostalgic dessert a nutritional boost. Cahillane said the company's research and development team worked to overcome the taste and texture challenges that often come with adding protein to familiar foods.

"Our R&D team has cracked the code," he said. "The chocolate's my favorite. Chocolate Jell-O pudding with protein, I think, is going to be a real hit."

Philadelphia cream cheese is next in line for a protein-packed makeover, following the introduction of new flavors of the regular spread in September. Cahillane said Kraft Heinz plans to introduce new products under the brand next year. "We've got a big opportunity to drive protein, to steal some share from cottage cheese, and that's going to come through the Philadelphia name," he said.

Kraft Heinz shares have struggled for years, but investors are showing signs of renewed optimism. The stock has gained 7% this quarter, outperforming the broader market, even as its roughly flat performance for the year trails the S&P 500's 11% advance.