Bernardo Hees to head Burger King
September 10, 2010
by Eric Schroeder
NEW YORK — Bernardo Hees is set to become chief executive officer of Burger King Holdings, Inc. following its acquisition by 3G Capital.
A partner at 3G Capital since July, Mr. Hees previously was c.e.o. of America Latina Logistica (ALL), Latin America’s largest railroad and logistics company, from 2005 to 2010. He earlier was chief operating officer. Mr. Hees joined ALL in 1998 as a logistics analyst, subsequently holding various positions, including operational planning manager, chief financial officer and commercial officer, and in 2004 he held the position of director-superintendent.
“Bernardo is an experienced executive with an impressive track record of enhancing performance at ALL where he managed a team that drove strong gains in both revenues and profitability,” said Alex Behring, managing partner at 3G Capital. “I know he will be an excellent steward of the Burger King brand as we look to take the Burger King experience to the next level for guests in the U.S. and worldwide.”
As previously announced, Burger King’s current chairman and c.e.o., John Chidsey, 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. Upon closing of the transaction, Alex Behring, managing partner of 3G Capital, will be appointed co-chairman of the board, alongside Mr. Chidsey.
The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the fourth quarter of this calendar year.
On Sept. 2, 3G Capital and Burger King announced a definitive merger agreement under which affiliates of 3G Capital would acquire all of the stock of Burger King for $24 per share, or $4 billion in the aggregate, including the assumption of Burger King’s outstanding debt.