Warren Buffett has stepped down as chairman of Berkshire Hathaway and been named chairman emeritus with immediate effect, ending his more than six-decade tenure in the company’s top leadership role.
Mr Buffett, 96, is to remain on Berkshire’s board as a director and will continue to provide his “judgment and perspective”, the US company said on Friday.
His son, Howard, a Berkshire director since 1993, has been elected chairman of the board.
“Serving as your chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Mr Buffett said in a letter to shareholders. "Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead."
Greg Abel, who succeeded Mr Buffett as chief executive earlier this year, will continue to run Berkshire’s operations, Berkshire said in a statement.
Mr Buffett joined Berkshire in 1965 and transformed the company from a struggling textile manufacturer into one of the world’s largest conglomerates, with businesses spanning insurance, energy, rail, manufacturing, services and retail.
In the letter to shareholders, Mr Buffett said the time was right to complete the leadership transition and praised Mr Abel for exceeding his expectations since taking over as chief executive.
“My son, Howard, will succeed me as chairman,” Mr Buffett said. “Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet. Think of Howard as a policy the shareholders own and hope never to claim against.”
Howard Buffett has led the Howard G Buffett Foundation since 1999. Warren Buffett said he remained confident about Berkshire’s future and said the company was “in excellent hands”.
