Heinz Names New CEO from Burger King
3G Capital and Berkshire Hathaway announce that Bernardo Hees will become Chief Executive Officer of H.J. Heinz Company upon completion of the previously announced acquisition of Heinz by an investment consortium comprised of Berkshire Hathaway and 3G Capital.
Hees has been Chief Executive Officer of Burger King Worldwide, Inc. (BKW) since September 10, 2010. Prior to joining BKW, Hees was Chief Executive Officer of America Latina Logistica (ALL), Latin America's largest railroad and logistics company.
In addition to his position as CEO of BKW, Hees has been a Director of BKW and its predecessor companies since November 2010. Hees also serves as a Partner of 3G Capital and a Member of the Executive Board of ALL.
Prior to BKW, Hees spent 12 years at ALL, where he served as CEO and a member of the Board of Directors from 2005 - 2010. During his tenure as CEO, Hees led ALL’s overall business growth at a rate of 20 percent per year. Before becoming CEO, Hees held various positions at ALL in sales, operations and finance. He began his career at ALL in 1998 as a logistics analyst.
Current Chairman, President and CEO, Bill Johnson will remain CEO of Heinz until the transaction is complete. 3G Capital and Berkshire Hathaway expect to discuss with Johnson his interest in a continuing role with the company post closure following the shareholder meeting on April 30. Under Johnson’s leadership, Heinz has successfully reshaped its business to focus on the core brands, categories and geographies where it has leading market positions and the capabilities to drive consistent, profitable growth. Reflecting Johnson’s strong commitment to delivering sustainable growth for Heinz shareholders, Heinz has become one of the best-performing global companies in the packaged foods industry with a record high market cap and consistently strong operating free cash flow.
Under the terms of the previously announced transaction with 3G Capital and Berkshire Hathaway, at the closing of the transaction, Heinz shareholders will receive $72.50 in cash for each share of common stock they own, in a transaction valued at $28 billion, including the assumption of Heinz’s outstanding debt. The transaction remains subject to approval by Heinz shareholders, receipt of certain regulatory approvals and other customary closing conditions, and is expected to close late in the second calendar quarter of 2013 or in the third calendar quarter of 2013. Heinz has received antitrust clearance in the United States, Brazil, India, South Korea, Japan and Israel. The Company is waiting for antitrust clearance in China, the European Union, Mexico, South Africa, Russia, and Ukraine. Additionally, Heinz has filed for other regulatory approvals in New Zealand, Ireland and Russia.
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