HJ Heinz Co.’s longtime leader Bill Johnson stood in the Veranda ballroom at the Four Seasons Hotel San Francisco, addressing the ketchup maker’s top 50 executives for the last time. Around the corner in a smaller room, his successor as chief executive officer, Bernardo Hees, waited to tell some of the same managers whether they still had jobs.
Time Inc., the publisher of the namesake magazine whose first issue ran in 1923, is seeking a type of loan typically issued to investors that buy junk-rated debt as it prepares to be spun off from its parent.
AT&T Inc.’s plan to buy U.S. satellite-TV provider DirecTV to fend off mounting competition at home means the carrier’s aspirations to expand in Europe by purchasing Vodafone Group Plc may be off the table for now.
The cost to protect debt issued by Expedia Inc. surged after the biggest online travel agency by revenue said it will split into two businesses, giving investors a chance to own shares in its fast-growing TripAdvisor unit.