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

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

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.