Pampered Chef, a Berkshire Hathaway Company, announced that Chief Executive Officer Tracy Britt Cool plans to step down from her roles at Berkshire Hathaway and Pampered Chef.
To support a smooth transition, Britt Cool will remain with the company until March 2020, when Andrew Treanor, Pampered Chef’s chief operating officer, will become CEO.
Britt Cool has been with Berkshire Hathaway for 10 years. In addition to serving as CEO of Pampered Chef for the last five years, she has held a variety of roles, including financial assistant to the chairman, board member of Kraft Heinz, and chairman of several Berkshire Hathaway companies.
“While it has been a difficult decision to leave such an amazing and well-respected company, it has been an honor and a privilege to work with Warren Buffett, as well as many accomplished colleagues,” Britt Cool shared. “I’m proud of my time at Berkshire Hathaway and am grateful to have helped grow several Berkshire companies, including Pampered Chef. Our team has transformed Pampered Chef into a vibrant company that is growing, innovating and enriching lives. I’m confident Andrew is the right leader to continue to drive our growth and success.”
Over the last five years, Pampered Chef focused on rebuilding the foundation of the business and creating new engines for growth through a renewed focus on the independent consultant base, a refreshed brand, enhanced product innovation, expanded international footprint and significant digital channel growth. Following more than a decade of decline, the company has meaningfully grown sales and earnings over the last five years. It has grown into a strong and diverse business with more than 50 percent of Pampered Chef’s business now coming from digital sales, up from approximately 10 percent in 2014.
Warren E. Buffett, chairman and CEO of Berkshire Hathaway, stated: “Five years ago I asked Tracy to redirect and re-energize Pampered Chef. Direct selling was encountering new challenges and Pampered Chef’s sales and earnings had been declining. Under Tracy’s leadership, major financial gains have been achieved. Even more important, our corps of consultants is rapidly growing and prospering. Tracy is handing Andrew a company infused with excitement and momentum.”
After leaving Berkshire Hathaway, Britt Cool plans to launch a new long-term platform to acquire and build businesses. She will use her experience from Berkshire Hathaway as a value investor and an entrepreneurial-minded operator to focus on buying and growing companies that are smaller than Berkshire Hathaway’s size threshold for acquisitions.
“As a founder, I couldn’t have asked for a better leader and partner in rebuilding Pampered Chef than Tracy,” said Doris Christopher, founder and chairman of Pampered Chef. “She has played a critical role leading the company’s transformation and building a strong team to continue our growth. I’m confident in Andrew’s leadership and Pampered Chef’s growth, and I’m excited for what Tracy will do next. I know she will be successful in building even more companies and will be a strong partner to founders, entrepreneurs and management teams.”