Fast food giant Burger King Worldwide Inc. said it will lose its chief executive Bernardo Hees to H.J. Heinz Co. once billionaire financier Warren Buffett wraps up his acquisition of the ketchup company with 3G Capital.
Corporate poaching this probably isn’t. Nor is it likely a J.C. Penney-style flameout a la Ron Johnson.
The deal appears to be all in the family -- private equity firm 3G Capital is also Burger King’s majority shareholder, having taken the quick-service chain private in 2010 before relaunching on the New York Stock Exchange in June 2012.
On July 1 -- or, if it comes first, the date that the Heinz buyout is finalized -- Hees will be replaced as CEO by current Chief Financial Officer Daniel Schwartz.
Schwartz has held the position at the Miami burger brand since 2010 and has helped speed the company through its global growth plan, guide it through a major restaurant-level revamp and return it to public trading.