Kraft Heinz announced Warren Buffett, the CEO and chairman of Berkshire Hathaway, will step down from the board at the 2018 annual meeting of stockholders, in April. Buffett decided to retire from the board as he decreases his travel commitments.
Berkshire Hathaway teamed up with Brazilian investment firm 3G Capital to buy Heinz in 2013, and then completed a merger with Kraft Foods in July 2015 to form Kraft Heinz. The combined Kraft Heinz, which Berkshire and 3G own a 51% stake in, includes well-known products Oscar Mayer, Philadelphia cream cheese, Maxwell House coffee, Jell-O and Heinz ketchup.
“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.”
Kraft Heinz also announced that the board intends to nominate Alexandre Van Damme to stand for election to fill Buffett’s vacancy. “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,” said Alex Behring.