Warren Buffett has stepped down as chairman of Berkshire Hathaway after more than five decades in the role.
Berkshire Hathaway announced on Friday in a statement on its website that the 96-year-old investor would become chairman emeritus with immediate effect, while his son, Howard Buffett, was elected as the company’s new chairman.
Warren Buffett will remain a member of the board and continue to offer his judgment and perspective, according to the company.
He had served as Berkshire Hathaway’s chairman since 1970, having joined the company’s board in 1965.
Howard Buffett has been a Berkshire director since 1993 and has served as chairman and chief executive officer of the Howard G. Buffett Foundation since 1999.
The leadership change follows Warren Buffett’s departure as Berkshire’s chief executive officer, with Greg Abel taking over as CEO.
Reacting to the transition, Abel said Buffett’s influence on Berkshire and its shareholders was unparalleled.
“Warren’s impact on Berkshire and its owners is without parallel in the history of American business.
“The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Abel was quoted as saying.
Buffett, in a letter to shareholders, wrote, “Father Time always wins. He has, however, been generous with me.”
Berkshire Hathaway said the appointment of Howard Buffett was consistent with its long-standing succession plan.
