An investment consortium comprised of Berkshire Hathaway (NYSE:BRK-A) and a 3G Capital investment fund has completed the acquisition of H.J. Heinz (UNKNOWN:UNKNOWN) for $72.50 per share and a new CEO has taken over Heinz, the company announced today.
With the transaction concluded, June 7 will be the final day Heinz is traded on the New York Stock Exchange (NYSE), the company said. As previously announced, Bernardo Hees has been named the new CEO of Heinz, replacing the retiring William Johnson, who held the position for more than 15 years. The appointment of Hees and the retirement of Johnson are both effective immediately, Heinz said, though Johnson will continue to serve as an advisor to Hees relating to, "certain specific industry and strategic non-operating matters."
Hees was quoted as saying, "I am honored today to become Heinz's seventh CEO in the Company's renowned 144 year history. I look forward to building upon Heinz's incredible platform and delivering world-class products for all of our consumers around the world."
Hees had been CEO of Burger King Worldwide since September 2010 and prior to joining Burger King Worldwide was CEO of America Latina Logistica (ALL), Latin America's largest railroad and logistics company. Hees serves as a partner of 3G Capital and a member of the Executive Board of ALL.
Paolo Basilio, a partner at 3G Capital, has been named the new Heinz CFO and will report directly to Hees. Basilio replaces former Heinz CFO Art Winkleblack, effective immediately.
Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool recommends Berkshire Hathaway, Burger King Worldwide, and H.J. Heinz Company. The Motley Fool owns shares of Berkshire Hathaway. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.