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The Kraft Heinz Company has announced that its board of directors and executive leadership team are evaluating potential strategic transactions to unlock shareholder value.
The company’s CEO, Carlos Abrams-Rivera, said: “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.”
In line with this goal, Abrams-Rivera confirmed that the group will be continuing ongoing evaluation of potential strategic transactions that have been taking place “over the past several months,” although further details around specific transaction plans have not been disclosed. Kraft Heinz also confirmed that a timeline has not been set for the completion of this process.
Alongside this announcement, the company also revealed that Berkshire Hathaway will no longer hold board seats on Kraft Heinz. As such, Timothy Kenesey and Alicia Knapp have stepped down from the board due to their relationship with Berkshire Hathaway, reducing the size of the company’s board to ten members.
According to Kraft Heinz, this is not the result of any disagreement with management or the board related to the company’s operations, policies or practices.
Miguel Patricio, chair of the board of Kraft Heinz, said: “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.”
Last week, Kraft Heinz revealed plans to invest $3 billion into modernising its US manufacturing sites, reported to be its largest investment in its manufacturing facilities in a decade.
