Greg Abel’s First Big Move: Kraft Heinz?
The new guy seems to be preparing his first big move: After Greg Abel took over as CEO of Berkshire effective January 1st, he appears to be setting the stage for a decision at Kraft Heinz.
Berkshire has owned a 27% stake in the food giant for many years now, currently worth around $7 billion. Kraft Heinz, whose products include Heinz ketchup and Oscar Mayer meats, filed a prospectus supplement today with the U.S. Securities and Exchange Commission to “register the potential resale” of Berkshire’s 325.4 million shares. Stock is read after those news.
In my view, a sale would be a logical and smart move. $KHC has been struggling for a long time, and the stock is down roughly 32% over the past five years, all during a period that otherwise saw a strong bull market following the Covid crash.
Are you holding any shares of Kraft Heinz? I’m staying away from this dead horse and hope Abel makes the move and exits this disappointing investment.
