American business magnate and billionaire Warren Buffett is to retire from the Kraft Heinz Board of Directors.

When his term ends at the food and beverage giant’s upcoming annual Board meeting, Buffett, aged 87, will step down 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 Buffett’s vacancy.

Alex Behring, Chairman of the Board of Directors, said Buffett’s “invaluable contributions” to Kraft Heinz will have a lasting impact on the company for years to come and the Board looks forward to continuing its partnership with Buffett’s Berkshire Hathaway.

“It has been an honor to work with Warren for the past five years,” he said. “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.”

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.

Buffett is considered one of the most successful investors in the world and has a net worth of US$87.5 billion, making him the third wealthiest person in the US and the world.