NEW YORK ( TheStreet) -- The Washington Post ( WPO) announced today that Berkshire Hathaway ( BRK.A - Get Report) chairman Warren Buffett will retire from the media company's board of directors.

Buffett will not be a candidate for re-election after his current term expires in May.

"For most of the last 37 years, we've been privileged to have on our board perhaps the best adviser any company could have had throughout that period," Washington Post chairman and CEO Donald Graham said.

Buffett joined the board in 1974 and took an eight year break when he became a director of Capital Cities.

Graham said he will continue to consult Buffett on company matters following his departure.

"I've loved the Washington Post since I delivered almost 500,000 copies of it as a youth in Washington," Buffett said in a statement today. "That love for the product, the company and the management continues unabated today. I will always be available to help management in any way they request. It's been a great 37 years."

--Written by Theresa McCabe in Boston.

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