Just hours ahead of his widely anticipated annual letter, Kraft Heinz surprised the Berkshire faithful with news that Warren Buffett, 87, will retire from board following end of his term at the upcoming Kraft Heinz 2018 Annual Meeting of Stockholders.
According to the statement, "Buffett decided to retire from the Board as he decreases his travel commitments."
In his place, the board will nominate Alexandre Van Damme - board member of Anheuser-Busch Inbev and Restaurant Brands International as well as a director of DKMS - who will to stand for election at 2018 Annual Meeting to fill Buffett’s vacancy.
Now will there be any more retirement surprises in just over 12 hours?
Full statement below.
Kraft Heinz Announces Retirement of Warren Buffett from Board of Directors
The Kraft Heinz Company (NASDAQ: KHC) (“Kraft Heinz”) announced today that Warren Buffett, will retire from the Company’s Board of Directors following the end of his term at the upcoming Kraft Heinz 2018 Annual Meeting of Stockholders. Mr. Buffett decided to retire from the Board as he decreases his travel commitments. The Company also announced that the Board of Directors intends to nominate Alexandre Van Damme to stand for election at the 2018 Annual Meeting to fill Mr. Buffett’s vacancy.
“It has been an honor to work with Warren for the past five years,” said Alex Behring, Chairman of the Board of Directors. “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.”
Mr. Van Damme is, amongst others, a Board member of Anheuser-Busch Inbev and Restaurant Brands International as well as a director of DKMS, the largest bone marrow donor center in the world.