Buffett, 87, retiring from Kraft Heinz board of directors
Pittsburgh Post-Gazette Warren Buffett is retiring. At least, he’s retiring from the board of directors of the Kraft Heinz Co., the food company that he helped create in 2015 with the merger of Pittsburgh-based H.J. Heinz Co. and Illinois-based Kraft Foods.
The iconic investor’s decision was announced in a press release from Kraft Heinz issued after the markets closed on Friday.
“Mr. Buffett decided to retire from the board as he decreases his travel commitments,” the announcement said.
“It has been an honor to work with Warren for the past five years,” said Alex Behring, chairman of the board, in the announcement. Berkshire Hathaway partnered with 3G Capital to acquire Heinz in 2013.
“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.”
In his role leading Berkshire Hathaway, Mr. Buffett, 87, has been seen as signaling that he’s laying out a succession plan. In January, it was widely reported the elevation of two in-house executives to that company’s board positioned either of them to eventually step into his role.
On Saturday, Berkshire Hathaway is scheduled to post its annual report, including Mr. Buffett’s annual letter to shareholders, online.
At Kraft Heinz, the board of directors intends to nominate Alexandre Van Damme to fill Mr. Buffett’s spot on the board. Mr. Van Damme is, according to the press release, a member of the board at Anheuser-Busch Inbev and at Restaurant Brands International.
Kraft Heinz shares closed at $69.02 on Friday, up just over 2 percent. The company, dually headquartered in Pittsburgh and Chicago, has seen its shares struggle in the past year. A year ago at this time, the stock was trading above $90. Investors have been disappointed it has not been successful in making a major acquisition after failing in a bid to buy Unilever last year.