Home NEWS Science Warren Buffett to retire from Kraft Heinz board

Warren Buffett to retire from Kraft Heinz board

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Warren Buffett, the billionaire who helped assemble food-and-beverage giant Kraft Heinz, will retire from its board as he cuts down on travel commitments.

Mr Buffett, 87, will step down at the end of his term, Kraft Heinz said in a statement this evening. The Pittsburgh-based company will nominate Alexandre Van Damme to fill the vacancy. Mr Buffett’s firm, Berkshire Hathaway, is still represented on the board by Tracy Britt Cool and Greg Abel.

Mr Buffett has been decreasing commitments to other company boards in recent years. He stepped down from the board of Washington Post in 2011 and retired from Coca-Cola’s board in 2006.

The investor was instrumental in the formation of Kraft Heinz, teaming up with Jorge Paulo Lemann’s 3G Capital to buy ketchup maker HJ Heinz in 2013 and merge it with Kraft Foods Group two years later.

Kraft Heinz shares dipped on the news in late trading Friday, falling as much as 1.5pc to $67.98 before recovering. Mr Buffett’s financing is seen as pivotal to the company’s acquisition ambitions, which are a key to growth for an outfit that has been cutting costs.

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