USA | The Kraft Heinz Company has announced that the Company’s Board of Directors and Executive Leadership Team have been evaluating potential strategic transactions to unlock shareholder value.
“At Kraft Heinz, our goal has always been to make high-quality, great-tasting food for all and to keep consumers at the forefront of all we do, enabling us to drive profitable long-term growth and value creation,” said Kraft Heinz CEO Carlos Abrams-Rivera.
“Consistent with this goal, over the past several months, we have been evaluating potential strategic transactions to unlock shareholder value. As we look to the future, we will continue to inspire and delight consumers with our iconic brands, fulfilling our mission.”
Kraft Heinz also announced that Berkshire Hathaway Inc. has informed the Company that it will no longer hold Board seats on Kraft Heinz, consistent with its other non-controlled investments.
As such, Timothy Kenesey and Alicia Knapp have stepped down from the Board due to their relationship with Berkshire Hathaway. With these changes, Kraft Heinz has reduced the size of its Board to 10 members.
“On behalf of the Board, I’d like to thank Tim and Alicia for their commitment and contributions to Kraft Heinz over the years. We greatly value our strong history with Berkshire Hathaway and look forward to continuing our relationship,” said Miguel Patricio, Chair of the Board of Kraft Heinz.
Kenesey’s and Knapp’s decisions are not the result of any disagreement with management or the Board related to the Company’s operations, policies or practices.
Kraft Heinz intended to continue evaluating strategic transactions to unlock shareholder value. However, the Company’s assessment process cannot guarantee the outcome or timing of any transaction.
The Company has not set a timetable for completing this process. It does not intend to make any further announcements regarding it unless and until it determines that further disclosure is appropriate or necessary.
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