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Burger King shakes up c-suite after acquisition of Heinz

April 11, 2013

Burger King Worldwide Inc. today announced a change to its senior management team following 3G Capital and Berkshire Hathaway's acquisition of Heinz.

Effective immediately, the following executives have been appointed to new and/or expanded roles:

• Bernardo Hees will continue to serve as CEO until the completion of the acquisition of H.J. Heinz Company or July 1, at which point he will be appointed to the role of vice chairman, board of directors. Hees will continue to serve on BKW's executive committee.

Upon completion of the Heinz transaction, Hees will assume the new role of CEO, H.J. Heinz Company.

"When I first took on the role of CEO nearly three years ago, I knew that building a solid and deep leadership team was critical for our long-term success. Today, that seasoned team begins the transition with the depth of institutional experience necessary to move the company forward," Hees said. "As I prepare to begin a new and exciting chapter in my life, I am confident this dynamic group will continue to grow the Burger King brand and, as vice chairman, I will stay a part of this great story."

Hees will not be selling any BKW shares as a result of these changes.

• On July 1, Daniel Schwartz will be appointed as CEO, reporting to the BKW board of directors and working closely with executive chairman Alex Behring.

Since 2010, Schwartz has served as the company's chief financial officer. During this time, he has led many of the company's key global initiatives, including: an aggressive international growth plan with new master franchise partnerships in China, Russia and Brazil; the North America restaurant image transformation program; and the company's return to the New York Stock Exchange in June 2012.

Prior to joining BKW, as a partner at 3G Capital, Schwartz was responsible for sourcing, analyzing and executing the firm's acquisition of BKW.

"In a short time, this management team has positioned the brand for long-term profitable growth," Schwartz said. "I am confident in our strategy for maintaining our momentum and in the power of the brand globally."

Other executive changes

• Joshua Kobza will succeed Schwartz as CFO. In this role, he will manage the company's global finance function including, finance, accounting and real estate.

Kobza was previously senior vice president, Global Finance, responsible for treasury, financial planning and analysis and investor relations. He joined the company in June 2012 and will continue to report to Schwartz.

• Steve Wiborg is promoted to the role of chairman, North America. In this elevated role, he will be responsible for managing the company's North America franchise efforts. He will also focus on the brand's long-term strategies for North America.

A member of the Burger King system for more than 25 years, Wiborg was most recently executive vice president and president, North America. In that role, he was instrumental in leading the company's "Four Pillar" strategy for North America, including the most expansive menu overhaul in the brand's history.

• Alex Macedo will succeed Wiborg in taking on the role of president, North America. In this role, Macedo will lead the North America business and will report to both Schwartz and Wiborg.

Since joining the company in 2011, Macedo has been a driving force of the brand relaunch in North America. Most recently, as senior vice president and general manager, United States, he worked closely with the company's field teams and with franchisees to improve the guest experience. In his previous role as senior vice president, North America Marketing, Macedo led the company's marketing efforts for the largest menu overhaul in the brand's history.

• Other changes to the executive team include Rodrigo Musiello who is elevated to the role of executive vice president, Global Operations and Jose Dias who will assume the role of executive vice president, Global Development and president, Latin America and the Caribbean. Both Musiello and Dias will report directly to Schwartz.

Heinz appointments

Alex Behring, managing partner at 3G Capital said Hees will work closely with Heinz's current CEO Bill Johnson to ensure a transition in the next few months. Behring, who will remain actively involved in the Burger King as executive chairman, BKW board of directors, added that Hees' record of delivering results at Burger King makes him the "ideal leader" to drive Heinz's next chapter.

Under the terms of the previously announced transaction with 3G Capital and Berkshire Hathaway, at the closing of the transaction, Heinz shareholders will receive $72.50 in cash for each share of common stock they own, in a transaction valued at $28 billion, including the assumption of Heinz's outstanding debt. The transaction is expected to close late in the second calendar quarter of 2013 or in the third calendar quarter of 2013.

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