Kraft Heinz announced Friday that Warren Buffett will be retiring from its board when his term ends at the company’s upcoming annual meeting.

In its statement, Kraft Heinz said Buffett decided to step down “as he decreases his travel commitments.”

Alex Behring, chairman of the board, said Buffett made “many invaluable contributions” to the company.

Behring also said the board looks forward to continuing its partnership with Buffett’s Berkshire Hathaway. Berkshire is the company’s largest investor, holding about 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 board member of Anheuser-Busch Inbev and Restaurant Brands International.

This story is developing. Please check back for updates.

Source link

Products You May Like

Articles You May Like

Student loan debt can make buying a home almost impossible
General Electric sets aside $1.5 billion for DOJ investigation
1MDB is financially healthy, says CEO Arul Kanda Kandasamy
Biogen revenue climbs, while Spinraza, Tecfidera sales miss
Premier league soccer clubs announce record $700 million in profits

Leave a Reply

Your email address will not be published. Required fields are marked *