Corporate News: Heinz CEO Cut Teeth at Burger King
Bernard Hees, CEO of Burger King Worldwide Inc., will be moving to H.J. Heinz Co. He is expected to take charge of the condiments maker with the same cost-cutting management style he has become known for over the years. Hees is expected to take over after 3G Capital and Berkshire Hathaway Inc. complete their $23 billion buyout.
At Burger King, Hees fired half of the 600 employees working at the company’s Miami headquarters. Offices were also replaced with tables seating four to six people, while Hees himself worked in the open with other top executives. Since Burger King was acquired by 3G Capital in 2010, its operating costs have fallen by 30%. However, an official at 3G has claimed that Heinz is in a better financial situation than Burger King was at the time of its acquisition. Thus, layoffs may not be required, and a harsh cost-cutting strategy may not be needed.
Written by: Constantine Kostikas
Source: The Wall Street Journal