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.
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.