Kraft Heinz CEO Steve Cahillane said the company sees its biggest growth opportunities in modernizing legacy brands and making them more relevant to changing consumer preferences.

"What I found when I came inside Kraft Heinz is … outstanding brands that had been underinvested," Cahillane said on CNBC's "Mad Money" on Wednesday. "With investment, focus, attention, good customer plans, good consumer plans, they can grow again."

The packaged food giant — known for brands like Heinz, Kraft, Philadelphia Cream Cheese, Lunchables and Oscar Mayer — reported first-quarter earnings and revenue that topped expectations Wednesday. Shares rose more than 2% as investors spotted some reasons to believe in Cahillane's turnaround efforts. Kraft Heinz's stock has been in stuck in a yearslong decline, and in September the company announced plans to unwind its massive 2015 merger, in an attempt to reverse its fortunes. However, in February, Cahillane said work on the separation was being paused, believing its problems could be fixed without a breakup.

Cahillane, who joined Kraft Heinz in January after previously leading Kellogg's, said this is only the beginning and the company is now focusing investment behind categories where it believes it has the "right to win."

"One of the single clearest examples of that is the brand Heinz," he said. "Heinz is one of the most recognizable consumer brands in the world."

Despite the brand's broad recognition, Cahillane said household penetration remains far below its potential, creating room for additional growth.

Health and wellness is another major focus area, according to Cahillane. He pointed to Kraft's revamped macaroni and cheese lineup, including the recently launched PowerMac, which contains 17 grams of protein and six grams of fiber.

"Health and wellness is a real trend. It's an important trend. Clean labels is a real trend," he said. "We're looking at our portfolio where we can renovate, where we can replace, where we can innovate around that."

Cahillane also highlighted Capri Sun as an example of how the company is adapting older brands for new consumers. Kraft Heinz recently introduced a version with electrolytes aimed at retaining customers as children age out of the brand.

"By coming up with something that was halfway between a kids drink and a sports drink, we could actually innovate to keep consumers with us," he said.

Ultimately, Cahillane said Kraft Heinz's strategy is centered on reinvesting behind its biggest brands and making them "more relevant for what the consumer wants."

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