Kraft Heinz Co (NASDAQ:KHC, ETR:KHNZ) plans to evaluate potential strategic transactions aimed at unlocking shareholder value, following Berkshire Hathaway’s decision to relinquish its board seats at the packaged foods company.
The maker of Oscar Mayer hot dogs and Kraft Mac & Cheese said Timothy Kenesey and Alicia Knapp have stepped down from the board due to their affiliation with Berkshire Hathaway.
CEO Carlos Abrams-Rivera confirmed the company has been reviewing merger and acquisition opportunities over the past several months amid softening demand for processed foods.
Kraft Heinz did not disclose a timeline for the review and said it would refrain from providing further updates unless deemed necessary.
Consumers have been shifting toward healthier options, while high inflation, weight-loss drugs, and tariffs weigh on the industry.
Kraft Heinz recorded a $2.2 billion impairment in 2024, including $1.4 billion in the fourth quarter.
Shares of Kraft Heinz fell around 2.8% on Wednesday morning in New York.