The Tribune Democrat, Johnstown, PA

June 20, 2013

Business in brief 6/21/2013


Heinz appoints executives

PITTSBURGH – Ketchup maker H.J. Heinz Co., which was taken private by Warren Buffett’s Berkshire Hathaway and 3G Capital earlier this month for $23.3 billion, has made several senior executive appointments.

On June 7 Bernardo Hees was named Heinz’s new CEO. Hees took over from William Johnson, who received a golden parachute of $56 million, in addition to the $156.7 million in vested stock and deferred compensation he accrued over his career. Paul Basilio was also named chief financial officer of Heinz at that time.

On Thursday Heinz filled several regional posts. This includes naming Brendan Foley as zone president of Heinz North America and Emin Mammadov as zone president of Heinz Russia, Turkey, the Middle East and Africa. Fernando Pocaterra was appointed zone president of Heinz Latin America, while Hein Schumacher will serve as zone president of Heinz Asia Pacific. Matt Hill was named zone president of Heinz Europe.



Rite Aid reports quarterly profit

Rite Aid Corp. notched its third-straight quarterly profit, as generic drugs and expense reductions continued to help the nation’s third largest drugstore chain.

But the company also said Thursday that it lowered its fiscal 2014 earnings forecast to reflect a debt refinancing, and investors who have sent the stock soaring over the past few months to prices it hasn’t seen in years pressed sell buttons.

Rite Aid shares slipped

23 cents, or 7.4 percent, to $2.88.