Kraft Heinz Co. announced on Tuesday the company plans to reduce its expenses by $2 billion over the next five years by making a more strategic approach to push the sales of its certain brands.

The company's Chief Executive Miguel Patricio claimed that Kraft Heinz was making "too short-term" decisions in the past, adding that he plans to "change that mindset."

In July, the American food company reported a net loss of $1.34 billion for the second quarter of the year, with a diluted loss per share of $1.35.