News

Burger King appoints post-sale CEO

September 8, 2010

Bernardo Hees has been named chief executive officer of Burger King Holdings, Inc. upon the completion of the company's sale to 3G Capital last week.

The transaction is predicted to close in the fourth quarter of 2010. It is expected that 3G Capital will begin its tender offer for outstanding shares no later than Sept. 17.

Hees most recently served as CEO of America Latina Logistica (ALL), Latin America's largest railroad and logistics company. He also served on the board of directors and as COO for the company.

He first joined ALL in 1998 as a logistics analyst. Hees has an MBA from the University of Warwick in England, and an OPM from Harvard Business School.

"Burger King is a preeminent company with a truly unique global brand and a strong product offering going back decades, such as the world-renowned Whopper sandwich," Hees said. "I look forward to joining the team and working with the company's senior management, employees and franchisee network to strengthen the business, including expanding internationally as well as introducing new menu items."

John Chidsey, Burger King's current chairman and CEO, will remain in his current capacity until the close of the transaction, at which time he will assume a newly created position of co-chairman of the board.

Also at that time, Alex Behring, managing partner of 3G Capital, will be appointed co-chairman of the board alongside Chidsey.

The merger agreement between 3G Capital and Burger King was solidified on Sept. 2 for $24 per share, or $4 billion. It included the assumption of Burger King's outstanding debt.