Warren Buffett is stepping down from Kraft Heinz board

MarketsAssociated Press

Warren Buffett is stepping down from the board of directors of Kraft Heinz Co.

The Chicago-based food and beverage giant says the 87-year-old billionaire investor will retire from its board when his term ends in April as he moves to cut back on travel.

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Buffett is the CEO of Berkshire Hathaway Inc., a conglomerate based in Omaha, Nebraska.

Kraft Heinz said its board will nominate Alexandre Van Damme to take Buffett's seat. Van Damme is also a board member of Anheuser-Busch Inbev and Restaurant Brands International.