Kraft Heinz (KHC) shares declined Wednesday after the troubled packaged food provider said that it has been looking into possible deals to boost its business, and had a shakeup in its board.

CEO Carlos Abrams-Rivera explained that over the past few months the maker of Heinz Ketchup and Kraft Mac & Cheese has been "evaluating potential strategic transactions to unlock shareholder value." The company noted that those efforts are continuing, although there’s no assurance that the "assessment process will result in any transaction, or any assurance as to its outcome or timing."

In addition, Kraft Heinz announced that Berkshire Hathaway (BRK.A) has advised the firm that it will no longer keep the two board seats it holds. It added that Berkshire noted the resignations of Timothy Kenesey and Alicia Knapp were consistent with its other non-controlled investments, and that the decisions were not the res⛦ult of any disagreement with management or the board. 

Shares of Kraft Heinz, which slipped 1% Wednesday morning, hit a 15-year low last week. They are down about 10% in 2025.