Warren Buffett to Retire from Kraft Heinz Board

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Kraft Heinz announced on Friday that the Oracle of Omaha, Warren Buffett, would be stepping down from its board when his term ends.

Buffett’s term will end at the company’s next annual meeting.

The company stated that Buffett’s decision to step down from the board is due to him wanting to decrease his travel commitments.

According to Alex Behring, who is the chairman of the board, Buffett had made “many invaluable contributions.”

Buffet’s Berkshire Hathaway company has roughly a 26% stake in outstanding shares of the company.

In his place, Kraft is planning to nominate Alexandre Van Damme who also serves on the board of Anheuser-Busch Inbev and Restaurant Brands International.

Disclaimer: We have no position in Kraft Heinz Co. (NASDAQ: KHC) and have not been compensated for this article.