The company’s stock has underperformed since its megamerger in 2015 and changing consumer tastes have hampered results.

Kraft Heinz Co. is preparing to break itself up, people familiar with the matter said. Under the plan, the company could spin off a large part of its grocery business into a new entity, according to the people. This would allow it to focus on faster-growing segments such as sauces, they said.

Kraft Heinz’s stock jumps after a WSJ report that the packaged food giant is planning a breakup, 10 years after the Kraft-Heinz megamerger.