Warren Buffett has officially stepped down as Chairman of Berkshire Hathaway, bringing to a close more than six decades at the helm of the $1.1 trillion conglomerate. The company announced on Friday, September 18, that the 96-year-old investing legend will immediately assume the role of Chairman Emeritus.
In a farewell letter to shareholders, Buffett described serving as chairman as the privilege of a lifetime. He noted that while “Father Time always wins,” he has been given the chance to see Berkshire reach a position where he feels more confident than ever about its future. He will remain on the board as a director, offering his judgment and perspective.
As part of the long-planned succession, his eldest son, Howard G. Buffett, 71, who has served as a Berkshire director since 1993, has been elected as the new Chairman of the Board. Howard will serve as a non-executive chairman, with his primary mandate being to safeguard Berkshire’s culture, values and long-term shareholder-first philosophy.
The transition completes a process that began in January when Greg Abel succeeded Buffett as Chief Executive Officer. In his letter, Buffett praised Abel, stating that his expectations were sky-high from the start and he has exceeded them. “Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet,” Buffett wrote.
Buffett, widely known as the Oracle of Omaha, transformed Berkshire from a struggling New England textile manufacturer in 1965 into one of the world’s most valuable companies, with major holdings in Geico, BNSF Railway, Apple, Coca-Cola and American Express. Analysts said the move, while historic, was expected and represents the graceful completion of a carefully managed leadership handover.
End Of An Era As Warren Buffett Retires As Berkshire Hathaway Chairman After 60 Years
