Warren Buffett Steps Down as Berkshire Hathaway Chairman

Investor Warren Buffett is stepping down as Chairman of Berkshire Hathaway, a position he has held since 1970.

Buffett, 96, will serve as chairman emeritus and remain a director while his son, Howard, will become Berkshire’s new chairman.

Addressing the shifts in a letter to shareholders, Buffet wrote, “I have served Berkshire since 1965. Sixty-plus years in, I still have the best job in the world. That is not something many people my age can say, and I have never felt better about what comes next.”

“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Buffett added. “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. The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”

Greg Abel, Berkshire Hathaway’s CEO who took on the role after Buffet stepped down earlier this year, said in a statement on behalf of the Board of Directors, “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. We are grateful to Howard for the care, discipline, and deep understanding of Berkshire he will bring to his new role, and to Sue Decker for her continued leadership and valued contributions as Lead Independent Director.”