Kraft Heinz is currently evaluating potential strategic transactions, while Berkshire Hathaway is stepping down from its board of directors.

Kraft Heinz said it is evaluating potential strategic transactions as the food giant seeks to enhance shareholder value. Kraft Heinz also said two directors representing Berkshire Hathaway Inc. will exit its board, shrinking its size. Chief Executive Carlos Abrams-Rivera said Tuesday that Kraft Heinz has been evaluating possible moves for months, though he didn't specify what potential deals were in play. Kraft Heinz's stock rose about 2% in after-hours trading. The shares are down 22% over the past year. Kraft Heinz said Berkshire Hathaway will no longer have seats on its board. Timothy Kenesey and Alecia Napie resigned as directors in light of the development, shrinking the board to 10 members. According to FactSet data, Berkshire Hathaway owns 27% of Kraft Heinz.