U.S. food giant The Kraft Heinz Co. said Feb. 23 that Warren Buffett will retire from the company's board when his term ends at the upcoming 2018 annual meeting.
Buffett, 87, is chairman of Berkshire Hathaway Inc., the largest shareholder of the maker of Maxwell House coffee and Grey Poupon mustard. He decided to retire as he decreases his travel commitments, according to the announcement.
The company's board plans to nominate Alexandre Van Damme to stand for election at the annual meeting to fill Buffett's seat. Van Damme is also a board member of Anheuser-Busch Inbev SA/NV and Restaurant Brands International Inc.