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Kraft Heinz

Kraft Heinz Greenlights $3 Billion Share Repurchase Program

The Kraft Heinz Company, backed by Berkshire Hathaway, has given the green light to a significant share repurchase program. The plan authorizes the company to buy back up to $3 billion of its outstanding common stock by December 26, 2026.

Under this share repurchase initiative, Kraft Heinz aims to use excess cash after allocating funds for disciplined capital spending. This includes investments to support organic growth in strategic areas of its business, the payment of a competitive dividend, maintaining a targeted Net Leverage of approximately 3.0x, and evaluating various strategic opportunities such as acquisitions, divestitures, and partnerships.

Miguel Patricio, CEO, and Chair of the Board at Kraft Heinz, emphasized the company’s recent transformation milestones in the third quarter. He stated, “In the third quarter, we hit a milestone in our transformation — reaching our targeted Net Leverage of approximately 3.0x. A stronger balance sheet, along with advancements we have made across the business, gives us further conviction behind our strategy and the belief that company shares are an attractive investment opportunity.”

© 2023 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Kraft Heinz

Kraft Heinz Changing CEOs

The Kraft Heinz Company has announced that the Company’s Board of Directors has appointed Carlos Abrams-Rivera as Chief Executive Officer and a member of the Board, effective January 1, 2024. Until then, Abrams-Rivera will continue in his role as President of the North America Zone with the added responsibilities of becoming President of Kraft Heinz, effective immediately. Abrams-Rivera will take over as CEO from Miguel Patricio, who has served as the Company’s CEO since 2019 and Chair of the Board since 2022. Patricio will transition to the role of Non-Executive Chair of the Board on January 1, 2024.

In his role as EVP and President of the North America Zone, Abrams-Rivera has successfully overseen the Company’s U.S. and Canadian operations. “Carlos is the best person to lead the next phase of the Company’s transformation,” said Miguel Patricio, CEO and Chair of the Board. “His strategic and innovative mindset is ideal to continue to propel Kraft Heinz forward on our path to greatness. Since joining Kraft Heinz in 2020, he has consistently delivered strong results in the North American retail and Away From Home businesses. Carlos’ experience in both developed and emerging markets complements our ambition for growth. I feel privileged to entrust Carlos with the leadership of this great company, and I am confident that Kraft Heinz is poised for more growth in the years to come.”

Patricio will transition to a new role as Non-Executive Chair of the Board. Since 2019, when Patricio joined the Company, he has led Kraft Heinz through a period of fundamental change in consumer trends, unprecedented business and global challenges, and consistent periods of top and bottom-line growth.

“We are extremely grateful for Miguel’s leadership over the past four years. He has a deep understanding of marketing and consumers, which was instrumental to the Company’s turnaround,” said Jack Pope, Lead Director of the Board. “The transition from Miguel to Carlos reflects the Board’s thoughtful succession planning and we are confident that the Company will continue to accelerate growth with Carlos assuming the role of CEO. He is an experienced leader with a long tenure in the food and beverage industry who has shown consistency and excellence in execution. Carlos’ leadership in transforming North America with innovative partnerships, tech-enabled solutions and developing and attracting world class talent will serve the Company well into the future. We look forward to continuing to work with him.”

“I am humbled and honored to be appointed as the new CEO of Kraft Heinz. I would like to thank Miguel for his mentorship, all he has done to rekindle the spirit of Kraft Heinz and our culture, and for his partnership, now and in the future,” stated Abrams-Rivera. “I would also like to thank the Board of Directors for placing its trust in me. Finally, to the thousands of colleagues across Kraft Heinz that have welcomed and trusted me, I am excited to go into a bright future together.”

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway and Kraft Heinz, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Kraft Heinz

Kraft Heinz’s Sale of Baby Food Business in Russia to Local Company Estimated at $32.4-$38.9 Million

Berkshire Hathaway’s Kraft Heinz, the US food giant, has announced that it will be selling its baby food business in Russia to local snacks and drinks manufacturer Chernogolovka, according to Reuters.

Kraft Heinz’s sale of its baby food business in Russia is estimated to be valued between 2.5 and 3 billion roubles ($32.4-$38.9 million), according to sources cited by Russia’s Kommersant newspaper on Thursday.

However, the government is yet to approve the valuation, and deals in Russia require approval from a government commission that monitors foreign investment.

This week, the commission announced that foreign investors from “unfriendly” countries selling assets in Russia would be required to donate at least 10% of the sale price to the Russian budget. It remains to be seen how this may impact the valuation and the sale itself.

This move comes as Western companies continue to exit the Russian market, allowing local firms like Chernogolovka to expand their market share and become more self-sufficient. As the Russian government tightens its regulations on foreign investment, it is becoming increasingly challenging for international companies to operate in the country.

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Kraft Heinz

Kraft Heinz Has Strong Q2 Earnings Growth

Jul. 27, 2022– The Kraft Heinz Company (Nasdaq: KHC) (“Kraft Heinz” or the “Company”) today reported financial results for the second quarter of 2022 that reflected strong price realization and resilient demand.

“We delivered yet another quarter of strong results as we continue to successfully navigate near-term headwinds, enabled by further advancements of our long-term strategy,” said Kraft Heinz CEO and Chair of the Board Miguel Patricio. “Though the environment remains fluid, we are better able to anticipate dynamic conditions, adapt to this constantly changing environment, and demonstrate our resiliency against new challenges. We are anticipating and adapting to changing market conditions while managing inflation through pricing realization and gross efficiencies. I am very proud of the Kraft Heinz team because, despite all of the challenges, employees across the organization continue to do a tremendous job.”

Net Sales

In millions

Net Sales

Organic Net Sales(1) Growth

June 25, 2022

June 26, 2021

% Chg vs
PY

YoY Growth
Rate

Price

Volume/Mix

For the Three Months Ended

North America

$

5,039

$

5,202

(3.1)%

9.8%

13.1 pp

(3.3) pp

International

1,515

1,413

7.2%

11.0%

10.3 pp

0.7 pp

Kraft Heinz

$

6,554

$

6,615

(0.9)%

10.1%

12.4 pp

(2.3) pp

For the Six Months Ended

North America

$

9,640

$

10,202

(5.5)%

8.4%

11.2 pp

(2.8) pp

International

2,959

2,807

5.4%

8.8%

9.3 pp

(0.5) pp

Kraft Heinz

$

12,599

$

13,009

(3.2)%

8.5%

10.8 pp

(2.3) pp

Net Income/(Loss) and Diluted EPS

In millions, except per share data

For the Three Months Ended

For the Six Months Ended

June 25, 2022

June 26, 2021

% Chg vs
PY

June 25, 2022

June 26, 2021

% Chg vs
PY

Gross profit

$

1,984

$

2,291

(13.4)%

$

3,915

$

4,492

(12.8)%

Operating income/(loss)

542

1,235

(56.2)%

1,657

2,324

(28.7)%

Net income/(loss)

265

(25)

1,136.4%

1,046

543

92.7%

Net income/(loss) attributable to common shareholders

265

(27)

1,051.7%

1,041

536

94.3%

Diluted EPS

$

0.21

$

(0.02)

1,150.0%

$

0.84

$

0.43

95.3%

Adjusted EPS(1)

0.70

0.78

(10.3)%

1.30

1.50

(13.3)%

Adjusted EBITDA(1)

$

1,520

$

1,706

(10.9)%

$

2,862

$

3,286

(12.9)%

Q2 2022 Financial Summary

  • Net sales decreased 0.9 percent versus the year-ago period to $6.6 billion, including a negative 9.3 percentage point impact from divestitures net of acquisitions and a negative 1.7 percentage point impact from currency. Organic Net Sales(1) increased 10.1 percent versus the prior year period. Pricing was up 12.4 percentage points versus the prior year period with growth in both reportable segments that was primarily driven by price increases to mitigate rising input costs. Volume/mix declined 2.3 percentage points versus the year-ago period reflecting continued strong demand in retail and foodservice channels that was offset by supply constraints and elasticity impacts from pricing actions. On a segment level, unfavorable volume/mix in the North America segment more than offset favorable volume/mix in the International segment.
  • Net income/(loss) increased 1,136.4 percent versus the year-ago period to $265 million primarily driven by lower tax expenses in the current year period, lower interest expense primarily due to debt extinguishment costs in the prior year period, and favorable changes in other expense/(income). These factors were partially offset by higher non-cash impairment losses and lower Adjusted EBITDA versus the prior year period. Adjusted EBITDA(1) decreased 10.9 percent versus the year-ago period to $1.5 billion with performance including an unfavorable impact from divestitures of 5.9 percentage points and an unfavorable 1.1 percentage point impact from currency. The remaining year-over-year decrease in Adjusted EBITDA is a result of higher pricing and efficiency gains that were offset by higher commodity costs (primarily in dairy, packaging materials, soybean and vegetable oils, and meat) and supply chain costs (reflecting inflationary pressure in procurement, logistics and manufacturing costs), as well as unfavorable volume/mix. Results continue to reflect the difference in timing between inflationary pressures and the mitigating actions we have taken.
  • Diluted EPS was $0.21, up 1,150.0 percent versus the prior year period, driven by the net income/(loss) factors discussed above. Adjusted EPS(1) was $0.70, down 10.3 percent versus the prior year period, primarily driven by lower Adjusted EBITDA, including a negative $0.07 impact from divestitures, and higher taxes on adjusted earnings. These factors more than offset lower interest expense and favorable changes in other expense/(income) versus the prior year period.
  • Year-to-date net cash provided by operating activities was $788 million, down 61.2 percent versus the year-ago period, primarily driven by higher cash tax payments on divestitures in 2022 related to the Cheese Transaction, higher cash outflows for inventories primarily related to stock rebuilding and increased input costs, and lower Adjusted EBITDA. These impacts were partially offset by lower cash outflows for interest primarily due to prior year reduction of long-term debt, and lower cash outflows for variable compensation in 2022 compared to 2021. Year-to date Free Cash Flow(1) was $353 million, down 78.0 percent versus the comparable prior year period due to the same drivers of net cash provided by operating activities.

Outlook

The Company continues to expect strong financial performance in 2022. The Company is raising expectations for 2022 Organic Net Sales(2) to a high-single-digit percentage increase versus the prior year period, as compared to previous expectations of a mid-single-digit percentage increase, reflecting strong performance to date and ongoing business momentum. The Company continues to expect 2022 Adjusted EBITDA(2) to be in the range of $5.8 billion to $6.0 billion, with a 45 percent to 55 percent third quarter to fourth quarter split. This full year Adjusted EBITDA outlook reflects a 53rd week in 2022, an increase in foreign currency headwinds based on current exchange rates, the impact of divestitures versus the prior year, strong Organic Net Sales, as well as the Company’s ongoing efforts to manage inflationary pressures, including unlocking gross efficiencies, as it continues to invest in long-term growth.

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Kraft Heinz

Kraft Heinz Signs Renewable Energy Agreement With BHE Renewables for US Operations

The Kraft Heinz Company has signed a virtual power purchase agreement with BHE Renewables, a Berkshire Hathaway Energy business, for its operations within the United States, which make up the largest part of the Company’s North America Zone.

This agreement is designed to enable Kraft Heinz to achieve its aspiration of procuring the majority of its electricity from renewable sources by 2025, a key focus area of the Company’s net-zero emissions plans.

“As one of the world’s largest food and beverage companies, we are committed to contributing to global efforts to reduce the ongoing threat of climate change,” said Kraft Heinz CEO and Board Chair Miguel Patricio. “In 2020, we committed to buy the majority of our electricity from renewable sources by 2025. This agreement with BHE Renewables helps put us on track to accomplish that aspiration and brings us one step closer to achieving net zero emissions by 2050.”

By the end of 2022, Kraft Heinz plans to purchase enough renewable energy from BHE Renewables to offset more than 15 percent of the energy usage at its U.S. manufacturing sites; and by the end of 2025, this amount is expected to increase to approximately 60 percent. The renewable energy is planned to come from BHE Renewables’ 158-megawatt Gopher Creek wind farm in Scurry County, TX.

“We are proud to support Kraft Heinz as it carries out its commitment to create a more sustainable environment,” said Steve Rowley, Vice President, Renewable Development and Energy Markets at BHE Renewables. “Kraft Heinz has an ambitious goal to achieve net zero greenhouse gas emissions, and we look forward to working with them to meet their renewable energy needs.”

This agreement is the latest in a series of renewable energy initiatives by the Company, including solar projects at three Kraft Heinz manufacturing sites in China – Qingdao, Foshan, and Shanghai – which are expected to prevent approximately 2,000 tons of carbon dioxide from entering the atmosphere each year for the next two decades. These initiatives also include Kraft Heinz’s recent vPPA with Repsol in Spain.

Kraft Heinz continues to prioritize environmental stewardship by pursuing renewable energy opportunities around the world through utility-scale power purchase agreements (PPAs) and vPPAs.

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Kraft Heinz

Kraft Heinz Signs Renewable Energy Agreement With Repsol

The Kraft Heinz Company has signed a 12-year virtual power purchase agreement with Repsol, a global multi-energy company operating across more than 20 countries and based in Madrid, Spain.

This agreement is the Company’s first investment in wind energy and is designed to help Kraft Heinz achieve its aspiration of procuring the majority of its electricity from renewable sources by 2025.

Kraft Heinz is expected to source over 90 gigawatt hours/year of renewable energy from Spanish producer Repsol’s largest wind project, Delta II (Aragon, Spain) – equivalent to powering approximately 90 percent of Kraft Heinz’s European manufacturing sites, which is the majority of its European load.

The vPPA is expected to generate enough renewable electricity to power approximately 25,000 average EU households per year at its peak.

“Our agreement with Repsol is a significant step in our efforts to reduce the impact of climate change,” said Rafael Oliveira, Executive Vice President and President, International Markets at Kraft Heinz. “I am proud of this investment in our International Zone, which we expect to contribute to our global goal of achieving net zero emissions by 2050, and reducing 50 percent of our emissions by 2030, while also helping our industry make the transition to renewable power.”

In 2021, Kraft Heinz announced its goal to achieve net zero greenhouse gas emissions across its operational footprint (Scope 1 and Scope 2) and entire global supply chain (Scope 3) by 2050, reaffirming its commitment to contribute to global efforts to reduce the ongoing threat of climate change.

“This agreement with Kraft Heinz confirms once again the potential and attractiveness of our renewable assets for companies that are looking for guaranteed coverage of their long-term energy needs and, at the same time, obtain greater stability, which favors their competitiveness,” said João Costeira, Repsol’s Executive Director of Low Carbon Generation.

In December 2019, Repsol was the first company in its sector to make a commitment to be carbon neutral by 2050. Renewable power generation is one of the pillars of Repsol’s decarbonization strategy: the targets of the company are 20 gigawatts (“GW”) of installed capacity by 2030 and 6 GW by 2025.

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Kraft Heinz

Kraft Heinz Tests Paper-Based, Renewable and Recyclable Ketchup Bottle

HEINZ, maker of the world’s favorite ketchup and beloved condiments, is teaming up with Pulpex to develop a paper-based, renewable and recyclable bottle made from 100 percent sustainably sourced wood pulp.

Innovating its iconic ketchup bottle, HEINZ is the first sauce brand to test the potential of Pulpex’s sustainable paper bottle packaging for its range of world-famous condiments.

HEINZ, maker of the world’s favorite ketchup and beloved condiments, is teaming up with Pulpex to develop a paper-based, renewable and recyclable bottle made from 100 percent sustainably sourced wood pulp. (Photo: Business Wire)

For Kraft Heinz, this collaboration is the latest step in its journey to reduce its environmental footprint. It progresses the Company’s sustainable packaging ambitions, in that it aligns with its goal to make all packaging globally recyclable, reusable or compostable by 2025. It is also an innovation that will help Kraft Heinz achieve net zero greenhouse gas emissions by 2050.

HEINZ and Pulpex are developing a prototype to test how the cutting-edge innovation could be used for HEINZ Tomato Ketchup bottles and other packaging formats in years to come. Pulpex’s current data indicates the carbon footprint of Pulpex bottles is materially less than glass and plastic on a bottle-by-bottle basis. Once used, they are also expected to be widely and readily recyclable in paper waste streams.

“Packaging waste is an industrywide challenge that we must all do our part to address,” said Kraft Heinz CEO Miguel Patricio. “That is why we are committed to taking steps to explore sustainable packaging solutions across our brands at Kraft Heinz, offering consumers more choices. This new HEINZ bottle is one example of how we are applying creativity and innovation to explore new ways to provide consumers with the products they know and love while also thinking sustainably.”

The next step in the process will involve prototype testing to assess performance before testing with consumers and bringing the bottle to market.

“We hope to bring this bottle to market and to be the first sauce brand to provide consumers this choice in their purchasing decisions, as many consumers today are looking for more sustainable packaging options,” said Rashida La Lande, EVP & Global General Counsel and Chief Sustainability and Corporate Affairs Officer at Kraft Heinz. “We’re eager to continue discovering more sustainable packaging for our beloved and iconic brands.”

“We are delighted to work with HEINZ to bring our patented packaging technology to such a famous name in food and are excited about the potential of this collaboration,” said Scott Winston, Pulpex CEO. “We believe that the scope for paper-based packaging is huge, and when global household names like HEINZ embrace this type of innovative technology, it’s good news for everyone – consumers and the planet.”

The pulp-based bottle would become the newest option available to HEINZ Tomato Ketchup fans, joining the recyclable HEINZ iconic glass bottle and plastic bottle, as well as plastic squeeze bottles with their 30 percent recycled content (available only in the E.U.) and 100 percent recyclable caps.

© 2022 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Kraft Heinz Stock Portfolio

Kraft Heinz Earnings Show Strong Gains in Q1

The Kraft Heinz Company has announced that its Q1 2022 results had a 37.5 percent increase in net income versus the year-ago period to $781 million.

The results were primarily driven by lower non-cash impairment losses in the current year period, lower interest expense primarily due to debt extinguishment costs in the prior year period, and favorable changes in other expense/(income).

Details for Q1:

Diluted EPS was $0.63, up 37.0 percent versus the prior year, driven by the net income/(loss) factors discussed above.

Adjusted EPS was $0.60, down 16.7 percent versus the prior year, primarily driven by lower Adjusted EBITDA, including a negative $0.08 impact from divestitures, and higher taxes on adjusted earnings that more than offset lower interest expense versus the prior year period.

Net sales decreased 5.5 percent versus the year-ago period to $6.0 billion, including a negative 11.2 percentage point impact from divestitures net of acquisitions and a negative 1.1 percentage point impact from currency.

Organic net sales increased 6.8 percent versus the prior year period. Pricing was up 9.0 percentage points versus the prior year period with growth across each reporting segment that was primarily driven by increases to mitigate rising input costs in retail and foodservice channels. Volume/mix declined 2.2 percentage points versus the year-ago period reflecting supply constraints that were partially offset by strong demand for products in retail and a continued recovery in foodservice channels.

Net cash provided by operating activities was $486 million, down 40.0 percent versus the year-ago period, primarily driven by lower Adjusted EBITDA and higher cash outflows for inventories primarily related to stock rebuilding and increased input costs. These impacts were partially offset by lower cash outflows for interest primarily due to prior year reduction of long-term debt and lower cash outflows for variable compensation in 2022 compared to 2021.

Free Cash Flow was $272 million, down 53.4 percent versus the comparable prior year period due to the lower net cash provided by operating activities that was partially offset by lower capital expenditures versus the prior year period.

© 2022 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Acquisitions Kraft Heinz

Kraft Heinz Acquires Brazilian Food Company Hemmer

(BRK.A), (BRK.B)

The Kraft Heinz Company, the owner of the Heinz and Quero brands in Brazil, has completed its acquisition of a majority stake in Companhia Hemmer Indústria e Comércio, a Brazilian food company focused on condiments and sauces, after the deal was approved without restriction by CADE (Brazil’s Administrative Council for Economic Defense), Brazil’s antitrust body.

The deal was first announced in September 2021, and CADE was notified in November 2021.

The association with Hemmer, a 107-year-old company based in Blumenau, Santa Catarina, will expand Kraft Heinz’s International Taste Elevation platform with its focus on condiments and sauces and will also support its strategy to increase its presence in emerging markets.

The acquisition aims to accelerate the growth of both companies, whose brands and portfolios are complementary. Hemmer will also benefit from Kraft Heinz’s distribution network and go-to-market model in Brazil, including in the growing foodservice channel.

“This is an important move for our International growth strategy, which is focused on Taste Elevation, our portfolio of high-quality, delicious products that enhance the taste of food,” says Rafael Oliveira, EVP & President, International Markets at Kraft Heinz.

“We are very excited about the completion of the deal, which furthers Kraft Heinz’s plan to become one of the largest food players in the country, expanding our selection for our consumers,” said Fernando Rosa, Managing Director of Brazil at Kraft Heinz. “This combination represents a tremendous growth opportunity for both companies, which are both built on the pillars of tradition, innovation, quality, superior ingredients, and flavor.”

© 2022 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

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Appointments Kraft Heinz

Kraft Heinz Names CEO Miguel Patricio as Chair of the Board

(BRK.A), (BRK.B)

The Kraft Heinz Company has announced that the Board of Directors intends to appoint Chief Executive Officer Miguel Patricio as Chair, subject to his re-election at the Kraft Heinz 2022 Annual Meeting of Stockholders.

Current Chair of the Board of Directors Alexandre Behring will retire following the end of his term at the 2022 Annual Meeting.

“We are very pleased with the progress experienced by the Company in advancing its strategic plan during the past few years under Miguel’s leadership and see his elevation to Chair as a natural progression, providing a continuation of strong and consistent stewardship to guide the Company well into the future,” said Alex Behring, Kraft Heinz Board Chair. “I have enjoyed my time working alongside Miguel, the Board, and the Kraft Heinz leadership team.”

“Alex’s contribution to Kraft Heinz has been invaluable and his impact will continue to be felt for many years,” said Miguel Patricio, Chief Executive Officer and Director. “I am truly honored at the opportunity to succeed him as Chair.”

“On behalf of Berkshire Hathaway, I would like to thank Alex for his dedication, leadership, and service to Kraft Heinz. Alex and I have worked closely together since 2013, when we both served on the H.J. Heinz Board, and I know our relationship will extend well into the future,” said Greg Abel, member of the Kraft Heinz Board of Directors and Vice Chair, Non-Insurance Operations of Berkshire Hathaway. “We look forward to working with Miguel as Chair as his vision for the Company’s transformation continues to move the business forward.”

The Company also announced that the Board of Directors has nominated James Park of Fitbit at Google to stand for election at the Kraft Heinz 2022 Annual Meeting.

“I am also thrilled by the prospect of adding James Park to our Board,” Patricio said. “Technology and digital capabilities are extremely important elements of our continuing business strategy. His background and experience will be especially valuable to Kraft Heinz and the Board as we begin the next phase of our transformation.”

James Park, 45, is a technology entrepreneur who co-founded Fitbit, Inc., a connected health and fitness company, that was acquired by Google in January 2021. Mr. Park is Vice President and General Manager, Fitbit at Google. He previously served as Chief Executive Officer, President, and member of the board of directors of Fitbit since 2007, and as chairman of the board of directors from 2015, until its acquisition. He is a leader in the technology industry with a strong track record of ideating and operating successful technology companies. Park was also the co-founder of Wind-Up Labs, Inc., an online photo sharing company acquired by CNET Networks, Inc. in 2005, and Epesi Technologies, Inc. In 2015, he was named to Fortune magazine’s 40 Under 40, an annual ranking of the most influential young people in business.

© 2022 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no gu