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Warren Buffett steps down from Kraft Heinz board

The business mogul would like to travel less often, he said in a statement

Ketchup bottle
Shares were down slightly in Friday pre-market trading

Warren Buffett will step down from the board of Kraft Heinz Co (NASDAQ:KHC), as per a report by the Financial Times.

Buffett’s company Berkshire Hathaway (NYSE:BRK) owns 27% of Kraft Heinz. The business mogul, who has served on the board for five years, partnered with investment firm 3G Capital to acquire Kraft Heinz in 2013.

He said in a statement that he was looking to travel less often and that the departure had nothing to do with any underlying issues with 3G Capital.

READ: Warren Buffett now has a US$28.2bn stake in Apple

Kraft Heinz’s reported lower-than-expected third-quarter earnings and sales in February.

Shares of the Chicago-based company were down slightly in Friday pre-market trading.

Quick facts: Kraft Heinz Co

Price: 26.63 USD

NASDAQ:KHC
Market: NASDAQ
Market Cap: $32.53 billion
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