In its statement, Kraft Heinz said Buffett decided to step down "as he decreases his travel commitments."
Alex Behring, chairman of the board, said Buffett made "many invaluable contributions" to the company.
Behring also said the board looks forward to continuing its partnership with Buffett's Berkshire Hathaway. Berkshire is the company's largest investor, holding about 26 percent of shares outstanding, according to FactSet.
The board said it intends to nominate Alexandre Van Damme to fill the seat at the upcoming shareholder meeting. Van Damme is also board member of Anheuser-Busch Inbev and Restaurant Brands International.
This story is developing. Please check back for updates.