February 23, 2018 / 10:17 PM / in a year

Billionaire investor Warren Buffett to retire from Kraft Heinz board

Feb 23 (Reuters) - Kraft Heinz Co said on Friday billionaire investor Warren Buffett has decided to retire from the company’s board following the end of his term to reduce travel commitments.

Buffett, 87, has shed many of his non-Berkshire responsibilities in the last few years and, last month, gave Abel and Ajit Jain greater oversight of Berkshire’s operating businesses.

H.J. Heinz Co, backed by Buffett’s Berkshire Hathaway Inc and Brazilian private equity firm 3G Capital, acquired Kraft Foods Group in 2015 to create one of the biggest food and beverage companies in the world.

The company said it plans to nominate Alexandre Van Damme, a board member of Anheuser-Busch Inbev and Restaurant Brands International, to stand for election to Buffett’s place in its 2018 annual stockholder meeting.

Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur

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