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Burger King CEO Hees to Take Heinz Reins After Buyout

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By The Associated Press

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Keith Srakocic/AP

PITTSBURGH — Burger King CEO Bernardo Hees will take the top job at Heinz following its acquisition by investment firm 3G Capital and Warren Buffett’s Berkshire Hathaway Inc. (BRK.B).

Hees, 43, has been CEO at Burger King, another 3G Capital investment, since 2010. Before that, Hees was CEO of America Latina Logistica, Latin America‘s largest railroad and logistics company.

He will remain CEO at Burger King until the deal closes. Likewise, Heinz Chairman and CEO Bill Johnson will retain that job until the acquisition of the company closes.

The investors announced plans in February to buy Pittsburgh-based H.J. Heinz Co. (HNZ) in a $23.3 billion deal. Heinz shareholders are set to vote on the acquisition at a meeting April 30.

The deal is expected to close in the second or third quarter and still awaits regulatory approval in some countries and the European Union. U.S. authorities have already signed off on the deal.

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3G Managing Partner Alex Behring said in a statement that Hees’ experience in the food industry makes him the ideal leader for Heinz.

Berkshire and Brazilian investment firm 3G said they will discuss a continuing role with Heinz with Johnson.

At Miami-based Burger King Worldwide Inc. (BKW), Chief Financial Officer Daniel Schwartz will become chief operating officer and will take the CEO job on July 1.

Hees led a campaign to revamp Burger King‘s menu and marketing. The menu moves helped boost the burger chain’s profit in the fourth quarter.

But now, the world’s second-biggest hamburger chain says it needs to play up value more aggressively to compete with rivals.

On Wednesday, Burger King said it expects revenue at restaurants open at least a year fell 1.5 percent in the first quarter. The figure is considered critical because it strips out the effects of locations that opened or closed during the year.

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From: http://www.dailyfinance.com/2013/04/11/burger-king-heinz-buyout/

Business, Finance, Occupation & Industry

Media Digest (3/5/2013) Reuters, WSJ, NYT, FT, Bloomberg

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By 24/7 Wall St.

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China will lean on consumer spending to expand its economy. (Reuters)

Facebook Inc. (NASDAQ: FB) faces more lawsuits over its initial public offering. (Reuters)

The White House says it believes people should be able to unlock their cell phone for use on more than one network. (Reuters)

Pew reports that debt among young people has dropped to a multiyear low. (WSJ)

The Chinese government drops annual GDP growth goals to 7.5%. (WSJ)

Citigroup Inc.’s (NYSE: C) new CEO, Michael Corbat, is more likely to track the performance of individual senior executives. (WSJ)

Fannie Mae and Freddie Mac will combine some operations. (WSJ)

A senior General Motors Co. (NYSE: GM) executive says the company will keep its Opel operations in Europe. (WSJ)

The CEO of H.J. Heinz Co. (NYSE: HNZ) could make $200 million if he leaves the company after a buyout. (WSJ)

Theft of oil from Nigerian pipelines starts to sharply cut production. (WSJ)

Royal Dutch Shell PLC (NYSE: RDS-A) will build LNG plants in Louisiana and Canada. (WSJ)

The chief of Boeing Co. (NYSE: BA) says the return to service of the 787 will depend on how fast the FAA approves a potential fix. (WSJ)

Bond yields on Spanish and Italian debt narrow because of stability in Spain and instability in Italy. (WSJ)

Facebook creates an ad system that could take business from Google Inc. (NASDAQ: GOOG). (WSJ)

Congress accuses key J.P. Morgan Chase & Co. (NYSE: JPM) executives of roles in the bank’s $6 billion loss. (NYT)

Hess Corp. (NYSE: HES) will sell its gas stations as investors pressure it to restructure the company. (NYT)

Apple Inc.’s (NASDAQ: AAPL) shares reach a 52-week low as Google’s reach an all-time high. (FT)

Boeing defends its decision to keep the battery used in its 787 Dreamliner. (FT)

European Union finance ministers may ease budget restraints to cure the fallout from austerity. (Bloomberg)

Pearson PLC (NYSE: PSO) executives tell the Financial Times that a number of positions will be cut. (Bloomberg)

Filed under: 24/7 Wall St. Wire, Press Digest Tagged: AAPL, BA, C, FB, GM, GOOG, HES, HNZ, JPM, PSO, RDS-A

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

IWR, MPC, ETN, HNZ: Large Inflows Detected at ETF

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By ETFChannel.com

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Russell Midcap Index Fund (AMEX: IWR) where we have detected an approximate $116.4 million dollar inflow — that’s a 1.6% increase week over week in outstanding units (from 59,650,000 to 60,600,000). Among the largest underlying components of IWR, in trading today Marathon Petroleum Corp. (NYSE: MPC) is up about 0.9%, Eaton Corp plc (NYSE: ETN) is up about 1%, and H.J. Heinz Co. (NYSE: HNZ) is higher by about 0.1%. For a complete list of holdings, visit the IWR Holdings page » …read more
Source: FULL ARTICLE at Forbes Markets