3G Capital and Berkshire Hathaway today announced that Bernardo
Hees will become Chief Executive Officer of H.J. Heinz Company
(NYSE: HNZ) upon completion of the previously announced acquisition
of Heinz by an investment consortium comprised of Berkshire
Hathaway and 3G Capital.
Mr. Hees (43) has been Chief Executive Officer of Burger King
Worldwide, Inc. (BKW) since September 10, 2010. Prior to joining
BKW, Mr. Hees was Chief Executive Officer of America Latina
Logistica (ALL), Latin America's largest railroad and logistics
company.
Alex Behring, Managing Partner at 3G Capital said, "Bernardo is
a proven executive with an unparalleled track record of delivering
results. Over the past two and a half years at Burger King,
Bernardo grew adjusted EBITDA by 44 percent from $454mm in 2010 to
$652mm in 2012 and expanded the company’s adjusted EBITDA margin by
14% from 19% in 2010 to 33% in 2012. His combination of experience,
leadership skills and broad understanding of the food industry make
him the ideal leader to drive the next chapter in Heinz’s storied
history. Bernardo will work closely with Heinz’s current Chairman,
President and CEO, Bill Johnson, and the management team to ensure
a smooth transition over the coming months."
Commenting on his appointment, Mr. Hees said, “I am honored to
be appointed the next CEO of Heinz, building upon the great success
established during Mr. Johnson’s tenure. Heinz is one of the
premier food companies in the world, led by the iconic Heinz
Ketchup business. I look forward to joining the team and working in
close partnership with the Company's senior management, employees
and customers to strengthen the business both domestically and
internationally, while continuing to delight consumers with great
tasting food products. On a personal level, my family and I are
excited to be relocating to Pittsburgh and look forward to calling
this great city home.”
Mr. Johnson will remain as Chairman, President and CEO of Heinz
until the transaction is complete. 3G Capital and Berkshire
Hathaway expect to discuss with Mr. Johnson his interest in a
continuing role with the Company post closure following the
shareholder meeting on April 30. Under Mr. 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 Mr. 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.
More Information About Bernardo Hees
In addition to his position as CEO of BKW, Mr. Hees has been a
Director of BKW and its predecessor companies since November 2010.
Mr. Hees also serves as a Partner of 3G Capital and a Member of the
Executive Board of ALL.
Prior to BKW, Mr. 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, Mr. Hees led ALL’s overall business growth at a
rate of 20 percent per year. Before becoming CEO, Mr. Hees held
various positions at ALL in sales, operations and finance. He began
his career at ALL in 1998 as a logistics analyst.
About Heinz
H.J. Heinz Company, offering “Good Food Every Day”™ is one of
the world’s leading marketers and producers of healthy, convenient
and affordable foods specializing in ketchup, sauces, meals, soups,
snacks and infant nutrition. Heinz provides superior quality, taste
and nutrition for all eating occasions whether in the home,
restaurants, the office or “on-the-go.” Heinz is a global family of
leading branded products, including Heinz® Ketchup, sauces, soups,
beans, pasta and infant foods (representing over one third of
Heinz’s total sales), Ore-Ida® potato products, Weight Watchers®
Smart Ones® entrées, T.G.I. Friday’s® snacks, and Plasmon infant
nutrition. Heinz is famous for its iconic brands on six continents,
showcased by Heinz® Ketchup, The World’s Favorite Ketchup®.
Cautionary Statement Regarding Forward-Looking
Statements
This document and Heinz’s other public pronouncements contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are generally identified by the words “will,” “expects,”
“anticipates,” “believes,” “estimates” or similar expressions and
include Heinz’s expectations as to future revenue growth, earnings,
capital expenditures and other spending, dividend policy, and
planned credit rating, as well as anticipated reductions in
spending. These forward-looking statements reflect management’s
view of future events and financial performance. These statements
are subject to risks, uncertainties, assumptions and other
important factors, many of which may be beyond Heinz’s control, and
could cause actual results to differ materially from those
expressed or implied in these forward-looking statements. Factors
that could cause actual results to differ from such statements
include, but are not limited to:
- the occurrence of any event, change or
other circumstances that could give rise to the termination of the
merger agreement,
- the failure to receive, on a timely
basis or otherwise, the required approvals by Heinz’s shareholders
and government or regulatory agencies,
- the risk that a closing condition to
the proposed merger may not be satisfied,
- the failure to obtain the necessary
financing in connection with the proposed merger,
- the ability of Heinz to retain and hire
key personnel and maintain relationship with customers, suppliers
and other business partners pending the consummation of the
proposed merger, and
- other factors described in “Risk
Factors” and “Cautionary Statement Relevant to Forward-Looking
Information” in Heinz’s Annual Report on Form 10-K for the fiscal
year ended April 29, 2012 and reports on Forms 10-Q
thereafter.
The forward-looking statements are and will be based on
management’s then current views and assumptions regarding future
events and speak only as of their dates. Heinz undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by the securities laws.
Additional Information and Where to Find It
This document may be deemed to be solicitation material in
respect of the proposed merger between Heinz and a subsidiary of
Hawk Acquisition Holding Corporation. In connection with the
proposed merger, Heinz filed a definitive proxy statement with the
United States Securities and Exchange Commission (“SEC”) on March
27, 2013. BEFORE MAKING ANY VOTING OR INVESTMENT DECISIONS,
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE
PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
MERGER. The definitive proxy statement has been mailed to the
shareholders of Heinz who are entitled to vote at the special
meeting seeking their approval of the proposed merger. Heinz’s
shareholders will also be able to obtain a copy of the definitive
proxy statement free of charge by directing a request to: H. J.
Heinz Company, P.O. Box 57, Pittsburgh, Pennsylvania 15230,
Attention: Corporate Affairs Department. In addition, the
definitive proxy statement is available free of charge at the SEC’s
website, www.sec.gov.
Participants in the Solicitation
Heinz and its directors and executive officers and other members
of management and employees may be deemed to be participants in the
solicitation of proxies in respect of the proposed merger.
Information regarding Heinz’s directors and executive officers is
available in Heinz’s proxy statement for its 2012 annual meeting of
shareholders, which was filed with the SEC on July 6, 2012.
Information regarding the persons who may, under the rules of the
SEC, be considered participants in the solicitation of Heinz’s
shareholders in connection with the proposed merger is set forth in
the definitive proxy statement filed with the SEC on March 27,
2013. These documents are available free of charge at the SEC’s
website at www.sec.gov, and by mail at: H. J. Heinz Company, P.O.
Box 57, Pittsburgh, Pennsylvania 15230, Attention: Corporate
Affairs Department.
Heinz H J (NYSE:HNZ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Heinz H J (NYSE:HNZ)
Historical Stock Chart
From Jul 2023 to Jul 2024