By Paul Ziobro
The heads of H.J. Heinz Co.'s (HNZ) businesses on either side of
the Atlantic will swap jobs, with David Moran moving to the U.S. to
head Heinz's North American business while David Woodward will lead
Europe.
Mr. Woodward had served as president and chief executive of
Heinz's North American business--its largest unit--for just nine
months, but had to return to London, where he had been based before
his latest role, for family reasons, Heinz spokesman Michael Mullen
said.
Mr. Woodward, 47 years old, will hold that same title for
Heinz's Europe business, while Mr. Moran, who had headed the
European business since 2009, will become president and chief
executive of North America. Mr. Moran, 55, will continue to head
Heinz's global infant nutrition group as well.
The appointments, which are effective April 1, were disclosed in
a securities filing late Thursday. Neither Mr. Moran or Mr.
Woodward's compensation packages will materially change due to the
new roles.
"These appointments will leverage the respective strengths of
each of these leaders as well as their knowledge of the company's
two largest markets," Mr. Mullen said. "Heinz expects this to be a
seamless management transition for both our employees and
importantly, our customers."
Heinz is in the midst of closing a planned $23 billion sale to
Warren Buffett's Berkshire Hathaway Inc. (BRKA, BRKB) and Brazilian
private-equity investors 3G Capital, which last month agreed to
take the ketchup-maker private for $72.50 share. The buyers are
looking to expand Heinz's reach globally and possibly using the
company as a platform to make acquisitions.
The appointments of Mr. Moran and Mr. Woodward appear to show
the new owners are planning to keep some of the top executives in
key roles. At the time the buyout was announced in mid-February,
Heinz executives said that the future management of the company,
including whether Chief Executive William Johnson will remain,
hadn't been determined.
Heinz shares closed Thursday at $72, up slightly.
Write to Paul Ziobro at paul.ziobro@dowjones.com
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