The Kraft Heinz Company announced the retirement of one of its most well-known Board members—Berkshire Hathaway Chairman, CEO, and majority-owner Warren Buffett.
The announcement comes as the 87-year-old billionaire investor works to decrease his travel commitments, Kraft Heinz noted in a press release. The company also announced plans to nominate Alexandre Van Damme to assume Buffett’s spot on the Board. Elections will take place at Kraft Heinz’s 2018 Annual Meeting.
Van Damme currently serves as a Board Member with various organizations, including Anheuser-Busch Inbev and Restaurant Brands International; he is also a director of DKMS, the largest bone marrow donor center in the world.
“It has been an honor to work with Warren for the past five years,” said Alex Behring, Chairman of the Board of Directors, in Kraft Heinz’s press release. “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. 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.”
Bloomberg reported that Buffett’s firm will remain well-represented on the board—with Berkshire Hathaway executives Tracy Britt Cool and Greg Abel continuing to represent the holding company’s interests.
The business news source also noted that Buffett had been instrumental in the creation of Kraft Heinz in 2013 and 2015, respectively—when Buffett and 3G Capital Jorge Paulo Lemann purchased H.J. Heinz and subsequently merged the ketchup maker with Kraft Foods Group. Kraft Heinz’s family of brands spans a number of categories from CPG to fresh foods—brands including Kraft, Heinz, Oscar Mayer, Philadelphia, Lunchables, and more.
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