Buffett Will Leave Gillette Board

Billionaire investor Warren Buffett plans to leave The Gillette Co.’s board of directors, citing the increasing demands on his time as his investment company, Berkshire Hathaway, acquires new companies including Pampered Chef and Garan Inc. He will retain his shares in Gillette.

Mr. Buffett, who will have served on the Gillette board for 14 years when he leaves the board in May 2003, said Friday in a statement that Berkshire Hathaway intends to retain its holdings of Gillette stock. He also commended the work of chief executive officer James Kilts, brought on last year to help the toiletries and battery maker reclaim dropping market share.

“Leaving the Gillette board is difficult,” Buffett said. “However, I feel very good about the company’s future.”

Mr. Buffett is chairman of the Omaha-based Berkshire Hathaway and No. 2 behind Microsoft co-founder Bill Gates on Forbes magazine’s list of wealthiest Americans.

Mr. Kilts said Buffett would be greatly missed.

“He is a one-of-a-kind investor who has provided enormous insight and wisdom in guiding our company,” he said.