Posted on 04/11/2013 9:13:54 AM PDT by jimbo123
Brazilian private-equity firm 3G Capital is sliding the chief executive of Burger King Worldwide Inc. (BKW), which it currently controls, into the same role at H.J. Heinz Co. (HNZ) once 3G and Berkshire Hathaway Inc. (BRKA, BRKB) complete their $23 billion buyout of the ketchup maker.
Bernardo Hees will replace Heinz CEO William Johnson, who has led the ketchup-maker for 15 years and turned it into more of a global food company by selling ketchup and other Heinz's products all across the world. 3G and Warren Buffett's Berkshire Hathaway in February teamed up to buy Heinz for $72.50 a share in one of the largest-ever acquisitions in the food industry.
-snip-
Mr. Hees, age 43, comes to Heinz with the reputation of having cut costs aggressively at Burger King shortly after 3G bought the burger chain in 2010, taking it private. He got rid of about half the 600 jobs at Burger King's Miami headquarters and eliminated the entire executive wing there.
(Excerpt) Read more at foxbusiness.com ...
Do you think Warren will write another article in The Wall Street Journal about how rich people like himself really don’t need to maximize profits from companies and thus, shouldn’t lay off workers when they take over an unproductive company? We could call it the “Buffett Takeover Rule.” Warren can moan about how the poor secretaries at Burger King deserve the same job security that he has and thus, should not be laid off.
Has Berkshire Hathaway paid its back taxes yet?
Buffett is a hypocrite. He knows that half the headquarters staff at Heinz will be getting the ax and he could care less. That’s why he hired a Brazillian CEO to do his dirty work.
I wasn’t aware that Burger King had a buffet.
Too late. There is a small Heinz facility about 1/2 mile from my house. A few of my neighbors had jobs there following closures of other facilities in the area. They were unemployed the day after Buffett acquired Heinz.
See article at link. Layoffs announced Feb 5. Personnel dumped on March 4th. There are still 400 employed at the facility. The 80 people dumped made the frozen TGI Friday's products.
Won’t get anywhere near the outrage as Romney.
I think the media (and weenie Republicans) have just about made me give up.
Herman Cain GREW THE COMPANY when he was BK CEO.
Buffett and his South American hatchet man CEO will cut at least 50% of Heinz workers within 3 months of the takeover closes.
And the liberal media and the democrats won’t say a thing.
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
Warren Buffett logic:
Cutting Heinz workers = Good
Cutting Government workers = Bad
The key is cutting the corporate HQ staff and not store staff.
This is what government is incapable of. It’s why department of educations around the nation consist of 60% teachers vs. 40% staff when it should be 80% to 20%.
Same for Police, Fire, Transit, Public Works.
We need a similar shake up in government, lest we all fall into ruin.
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