The Kraft Heinz Company has announced the completion of merger between Kraft and Heinz. According to a press release issued by the company, the transaction creates the third-largest food and beverage company in North America and the fifth-largest food and beverage company in the world with an unparalleled portfolio of iconic brands. The complementary nature of the two brand portfolios presents substantial opportunity for synergies, which will result in increased investments in marketing and innovation.
The Kraft Heinz Company’s board of directors will include 11 directors: Alex Behring (who will serve as chairman of the board), Gregory Abel, Tracy Britt Cool, Warren Buffett, John T Cahill (who will serve as vice-chairman of the board), L Kevin Cox, Jeanne P Jackson, Jorge Paulo Lemann, Mackey J McDonald, John C Pope, and Marcel Telles.
As previously announced, Bernardo Hees is chief executive officer of The Kraft Heinz Company. “I am honoured and humbled to be the CEO of The Kraft Heinz Company,” said Hees. “Kraft and Heinz are both world-class organisations with storied pasts and together, an even brighter future.”
The company’s immediate focus is on integrating the two businesses and establishing a new organisational structure, while delivering its financial objectives for 2015. However, it remains committed to its hometowns with co-headquarters in Pittsburgh and the Chicago area. The Heinz brand and business will remain headquartered in Pittsburgh and the Kraft brand and business will remain headquartered in the Chicago area.