Dive Summary:
- In the wake of private equity firm 3G's $28 billion acquisition of H.J. Heinz Co., the iconic ketchup-maker announced the departure of 11 executives on Thursday.
- Heinz also announced 11 new executives who would take the departing executives' place.
- Nine of those executives were promoted from within Heinz while two are associated with 3G.
From the article:
... "This announcement demonstrates the power and potential of meritocracy at work here at Heinz," said Bernardo Hees, who recently became chief executive officer after leading Burger King Worldwide Inc (BKW.N), another 3G investment.
Two of the new executives have ties to 3G, a private equity firm with Brazilian roots and a reputation for aggressive cost-cutting. One is Paulo Basilio, whose appointment as chief financial officer was announced on June 7, when the deal closed. The other is Eduardo Pelleissone, who joins as executive vice president of operations from America Latina Logistica, a Brazilian logistics company. ...
