Boston, MA 04/12/2013 (wallstreetpr) – The billionaire investors, Warren Buffet who owns Berkshire Hathaway Inc (NYSE:BRK.A) (Current: $160,000.00, Up by 0.04%) and Jorge Paulo Lemann who owns 3G Capital are buying H.J. Heinz Company (NYSE:HNZ) (Current: $72.33, Up by 0.03%). Both the companies have said that Bernardo Hees will be appointed as the Chief Executive Officer of Heinz. The statement that had been distributed by Business Wire said that since 2010, the 43-year-old Hees has been the CEO of Burger King Worldwide Inc (NYSE:BKW) (Current: $19.04, Down by 0.83%) and is a 3G capital partner as well.
The perfect pick…
The Heinz buy-out deal had been sealed by Berkshire and 3G in February and the company is being bought for around $23 billion. Till now the Ore-Ida potato snacks and condiments-maker had been an independent entity. In 2010, 3G had bought-out Burger King and the chain had been taken public last year. In the statement, the managing partner at 3G Capital, Alex Behring said that Bernardo is an executive of very high stature and one whose competency has been proved. He has a superlative result-delivering record. The combination of leadership skills, experience as well as understanding of the food industry as a whole make him the ideal choice to take Heinz further.
According to the statement, the 64-year-old Bill Johnson has been at the helm of Heinz since 1998 and will continue in the chairman and CEO position till the deal sees completion. Both Berkshire Hathaway and 3G Capital will be discussing with Mr. Johnson in what role he would like to continue being associated with the company.