The H.J. Heinz Co. says the $28 billion sale of the historic Pittsburgh ketchup maker has closed. Bernardo Hees, formerly the head of Burger King Worldwide, has become the new CEO of Heinz, effective immediately, and begun making management changes, the company said. [...] He has named Paulo Basilio to serve as chief financial officer, replacing longtime CFO Art Winkleblack, also effective immediately. [...] Both Mr. Hees and Mr. Basilio are partners in 3G Capital, which partnered in the acquisition with Warren Buffett's Berkshire Hathaway. Mr. Basilio has been CEO of America Latina Logistica from 2010 to September 2012. Mr. Hees previously held that job.
Heinz completes acquisition by Berkshire, 3G; Brazilian firms shifts around CEOs (Washington Post)
With the completion of the deal, 3G is shifting one of its partners from the helm of Burger King to head Heinz. Bernardo Hees, 43, is taking the reins from William Johnson, who was the seventh CEO of the 144-year-old company for the past 15 years. Johnson walks away with a golden parachute of $56 million, in addition to the $156.7 million in vested stock and deferred compensation he accrued over his career. [...] 3G is known for its aggressive cost-cutting at the companies it takes over, suggesting Heinz could be in store for big changes. At Burger King, for example, Hees did away with executive offices at the corporate headquarters in favor of open spaces. He sat at a desk right outside the elevators on the seventh floor, in front of big board that was updated with daily sales reports from around the world.
Berkshire Directors Lowest-Paid of S&P Firms (ABC News)
They attend at least four meetings and work about 300 hours a year, but the people who sit on the boards of S&P 500 companies received an average of $251,000 last year. Financial and technology company Fidelity National Information Services Inc. paid the highest compensation due to a $9.5 million retention bonus, while directors of Warren Buffett’s Berkshire Hathaway received the lowest, according to data compiled by Bloomberg. Berkshire Hathaway directors received $3,800.
Berkshire Hathaway's MidAmerican to hold off on new Iowa nuclear plants (Reuters)
Berkshire Hathaway Inc's MidAmerican Energy Co has decided against building any new nuclear reactors in Iowa in the near future because of regulatory hurdles. [...] Many utilities have put plans for costly new nuclear reactors on hold due to cheap natural gas prices, the much lower cost to build gas-fired generators, and the lack of federal restrictions on carbon emissions. [...] Separately, MidAmerican said its recently announced plan to build additional wind generation would help keep customers' costs down.Berkshire’s Witmer Buys Shares After Joining Buffett’s Board (Bloomberg)
Meryl Witmer, the newest director at Warren Buffett’s Berkshire Hathaway Inc., acquired more than $1 million in the company’s stock after joining the board this month. Witmer, a general partner at Eagle Capital, added seven Class A shares of Omaha, Nebraska-based Berkshire today and yesterday for prices from $165,173 to $165,262.65, she said in a regulatory filing.
Berkshire’s Richline to Buy Honora to Expand Sales of Pearls (Bloomberg)
Richline Group Inc., the jewelry manufacturer owned by Warren Buffett’s Berkshire Hathaway Inc. (A), agreed to acquire the Honora brand to expand sales of pearls. The purchase of Honora, which has been family owned and operated for more than 60 years, is expected to be completed in July [...] Richline has been striking deals to expand sales through U.S. retailers. The unit, which has manufacturing facilities in nations including Bolivia, China, India and Israel, announced a licensing agreement in March to market and distribute jewelry in the U.S. and Canada under the Marie Claire brand. Richline said Honora Chief Executive Officer Joel Schechter will remain with the company and run it as a standalone brand.
Warren Buffett's Berkshire eyeing Unipol insurance assets: report (Reuters)
Warren Buffett's Berkshire Hathaway Inc is interested in buying assets that Italian insurer Unipol must sell as part of a merger with peer Fondiaria-SAI, business daily Il Sole 24 Ore said on Saturday. The paper said Berkshire was eying commercial assets belonging to Milano Assicurazioni, a unit controlled by Fondiaria. Unipol has been forced by Italy's anti-trust authority to sell portfolio assets with premiums totaling around 1.7 billion euros ($2.2 billion) as part of its rescue of the Fondiaria-SAI group.
Berkshire’s BNSF Violated Water Act, Sierra Club Says (Bloomberg)
Berkshire Hathaway Inc.’s BNSF Railway Co. and five other coal shippers were sued by the Sierra Club over claims they discharge coal into Puget Sound and other waterways in violation of the U.S. Clean Water Act. [...] “Sierra Club’s lawsuit is meritless and nothing more than a publicity stunt meant to stop the permitting of multicommodity export terminals in the Pacific Northwest,” Suann Lundsberg, a BNSF spokeswoman, said in an e-mail. “BNSF has safely hauled coal in Washington for decades and is committed to preventing coal dust from escaping while in transit.” The groups seek a court order prohibiting the company from using uncovered rail cars to carry coal and asked that it pay civil penalties and remediation costs and other damages.
Warren Buffet's Charity Lunch Date Sells at a Bargain Price (Daily Finance)
The annual charity auction of a private lunch with billionaire investor Warren Buffett went for just more than $1 million Friday night - a bargain price compared to past years [...] An anonymous donor had the high bid of $1,000,100 when the bidding ended Friday night on eBay. The private audience with investor drew bids of more than $2 million in each of the past five years, including last year's record-setting winning bid of $3,456,789. All proceeds go to the Glide Foundation, which helps the poor and homeless in San Francisco. The nonprofit relies on the auction to provide a significant chunk of its $17 million annual budget.
Bono Sings to Warren Buffett (CNBC)
Warren Buffett was given the inaugural Forbes 400 Lifetime Achievement Award for Philanthropy, but got more than just that honor.
As Randall Lane tells us on Forbes.com, on Wednesday night in New York Buffett got a song from U2's Bono, also a prominent philanthropist, who sang his own Buffettized version of "Home on the Range."
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