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Warren Buffett Will Retire from Kraft Heinz Board of Directors

February 23, 2018, 11:17 PM UTC

Warren Buffett will retire from the board of directors at Kraft Heinz Co. after five years.

“Mr. Buffett decided to retire from the Board as he decreases his travel commitments,” the company said in a statement Friday. Kraft Heinz will nominate Alexandre Van Damme to fill the vacancy.

Buffett, the 87-year-old chairman of Berkshire Hathaway Inc., will retire from the food and beverage company’s board following the end of his term at the upcoming Kraft Heinz annual meeting of shareholders, according to the statement.