Warren Buffett will retire from the Kraft Heinz Co.’s board of directors following the end of his term at the upcoming Kraft Heinz 2018 Annual Meeting of Stockholders. Buffett decided to retire from the board as he decreases his travel commitments, the company says. The board intends to nominate Alexandre Van Damme to stand for election at the meeting to succeed Buffett’s vacancy.
“It has been an honor to work with Warren for the past five years,” said Alex Behring, chairman of the board. “His many invaluable contributions to Kraft Heinz will have a lasting impact on the company for years to come. The board of directors looks forward to his continued partnership as chairman of our largest shareholder, Berkshire Hathaway. We are thrilled to add Alexandre’s expertise and perspective to Kraft Heinz, and believe that his executive experience and leadership will be extremely valuable to the board, our leadership and company as a whole.”
Kraft Heinz is the fifth-largest food and beverage company in the world. Its brands include Kraft, Heinz, ABC, Capri Sun, Classico, Jell-O, Kool-Aid, Lunchables, Maxwell House, Ore-Ida, Oscar Mayer, Philadelphia, Planters, Plasmon, Quero, Smart Ones and Velveeta.