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Warren Buffett to Retire From Kraft Heinz Board

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Billionaire investor Warren Buffett is retiring from the board of directors of Kraft Heinz Co. KHC 2.04%  at the end of his term in April, the food and beverage company said Friday.

Mr. Buffett, the 87-year-old chairman and chief executive of Berkshire Hathaway Inc., BRK.A 0.87% will retire at the upcoming Kraft Heinz annual meeting of shareholders on April 23. He decided to retire from the Kraft Heinz board as he decreases his travel commitments, the company said.

Mr. Buffett’s “many invaluable contributions to Kraft Heinz will have a lasting impact on the Company for years to come,” Kraft Heinz’s board chairman Alex Behring said in prepared remarks. “The Board of Directors looks forward to his continued partnership as Chairman of our largest shareholder, Berkshire Hathaway."Mr. Buffett, who will be 88 years old in August, has been trying to decrease his travel obligations in recent years. There have also been questions about the succession plan for who will take over at Berkshire Hathaway when Mr. Buffett is out of the picture.

Last month, Mr. Buffett elevated two longtime Berkshire Hathaway executives, Gregory Abel and Ajit Jain, to vice chairman roles at the company, all but confirming years of speculation that one of them is in line to replace him.

Source :- wsj
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