Here is a short bio of the six individuals who were crucial in the agreement to unite the two fast-food companies
Mr. Buffett is chairman, president and chief executive officer of Berkshire Hathaway. He is ranked among the world’s richest people by Forbes magazine, making his fortunes as an investor. Mr. Buffett partnered with 3G Capital in the past for the acquisition of H.J. Heinz Co. after he was approached by 3G co-founder Jorge Lemann with the idea. Now Mr. Buffett and Mr. Lemann, one of the richest people in Brazil, are teaming up again for the Tim Hortons and Burger King merger.
Mr. Ackman is the founder and CEO of Pershing Square Capital Management and a director at Canadian Pacific Railway. Mr. Ackman has a history with Burger King after convincing it to merge with his company, Justice Holdings, and move up its initial public offering back in 2012. The move gave him a 10.9-per-cent stake in Burger King, which has doubled in value since the IPO and made him $203-million (U.S.) since news of the merger emerged.
Mr. Behring is co-founder and managing partner of 3G Capital, and executive chairman of Burger King. He studied electric engineering in Rio de Janeiro and received his MBA from Harvard. Mr. Behring headed up the acquisition of H.J. Heinz Co. in 2013, which gave co-ownership to 3G and Warren Buffett. Mr. Behring will lead the new post-merger global company as executive chairman and director, according to a statement released Tuesday.
Mr. Caira is president and CEO of Tim Hortons Inc. He took over the position in 2013 after spending most of his professional career with Nestlé SA, most recently serving as the company’s global CEO. Mr. Caira took a break from Nestlé from 2000 to 2006 to sit in various executive positions at Parmalat North America. After the merger is completed, Mr. Caira will be appointed vice-chairman and a director, focusing on group strategy and global business development.
Mr. Lemann is Brazil’s richest man, a former Brazilian tennis champion, and the leader of 3G Capital. After studying economics at Harvard University, he founded Garantia, one of the first investment banks in Brazil, and eventually sold it to Credit Suisse First Boston for $675-million. Mr. Lemann gained food and beverage experience after 3G purchased Belgian-Brazilian brewery Anheuser-Busch InBev SA in 2008, became majority owner of Burger King in 2010, and most recently acquired H.J. Heinz Co. in 2013.
Mr. Schwartz is the CEO of Burger King and has held other executive positions since joining the company in 2010, when 3G Capital took controlling ownership. Mr. Schwartz has been a partner with 3G Capital since January, 2005, after serving as an analyst at Credit Suisse First Boston, the company that purchased Jorge Lemann’s Brazilian investment bank. Mr. Schwartz is set to become group CEO of the new company, with overall day-to-day management and operational accountability.