Kraft Heinz foretold Friday that Warren Buffett will be retiring from its live when his term ends at the company’s upcoming annual meeting.
In its expression, Kraft Heinz said Buffett decided to step down “as he shrivels his travel commitments.”
Alex Behring, chairman of the board, said Buffett clear out “many invaluable contributions” to the company.
Behring also said the panel looks forward to continuing its partnership with Buffett’s Berkshire Hathaway. Berkshire is the corporation’s largest investor, holding about 26 percent of shares unforgettable, according to FactSet.
The board said it intends to nominate Alexandre Van Damme to stop up the seat at the upcoming shareholder meeting. Van Damme is also board fellow of Anheuser-Busch Inbev and Restaurant Brands International.
This story is manifest. Please check back for updates.