On Friday, Kraft Heinz announced that Warren Buffett will be retiring from its board of directors once his term ends at the company’s upcoming annual stockholder meeting.
Kraft Heinz’s statement said Buffett decided to step down “as he decreases his travel commitments.” Alex Behring, the Chairman of the Board, said: “Buffett made many invaluable contributions to the company.” Mr. Behring also said the board looks forward to continuing its partnership with Buffett’s Berkshire Hathaway. This comes as no surprise as Berkshire Hathaway is Kraft Heinz largest investor (26 percent of shares outstanding, according to FactSet).
The board said it intends to nominate Alexandre Van Damme to fill the seat at the upcoming shareholder meeting. Van Damme is also a board member of Anheuser-Busch Inbev (world’s largest beer company) and Restaurant Brands International (Burger King, Tim Hortons, and now Popeyes Louisiana Kitchen).
Kraft-Heinze stock (KHC) went little changed in after-hours after trading up 2% during the day.