Warren Buffett steps down as Berkshire chairman after 56 years

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Warren Buffett has stepped down as chairman of Berkshire Hathaway after more than five decades in the role.

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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.

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Warren Buffett will remain a member of the board and continue to offer his judgment and perspective, according to the company.

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He had served as Berkshire Hathaway’s chairman since 1970, having joined the company’s board in 1965.

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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.

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The leadership change follows Warren Buffett’s departure as Berkshire’s chief executive officer, with Greg Abel taking over as CEO.

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Reacting to the transition, Abel said Buffett’s influence on Berkshire and its shareholders was unparalleled.

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“Warren’s impact on Berkshire and its owners is without parallel in the history of American business.

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“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.

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Buffett, in a letter to shareholders, wrote, “Father Time always wins. He has, however, been generous with me.”

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Berkshire Hathaway said the appointment of Howard Buffett was consistent with its long-standing succession plan.

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