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FILE - In this Jan. 19, 2017, file photo, Warren Buffett attends the world premiere screening of HBO's "Becoming Warren Buffett" at The Museum of Modern Art in New York. IBM’s stock is falling in premarket trading Friday, May 5 after Buffett announced that Berkshire Hathaway has sold about a third of its stake in the company this year. (Photo by Charles Sykes/Invision/AP, File)

Billionaire Warren Buffett to step down from Kraft Heinz board in April

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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.

In the last few years, Buffett, 87, has shed many of his non-Berkshire responsibilities.

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.

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