Warren Buffett steps down as Berkshire chairman after six decades
Howard Buffett's main duty as chairman will be guarding the firm's "culture and values."
Warren Buffett has stepped down as chairman of Berkshire Hathaway, handing over leadership to his son Howard in the final chapter of a long-planned transition at the US business giant.
The decision comes nine months after Buffett passed the chief executive role to Greg Abel, with his son, Howard, who has been a director since 1993, taking over non-executive board duties.
He took control of Berkshire Hathaway in 1965 when it was a struggling New England textile mill and turned it into a $1.1 trillion (£822b), global conglomerate.
Buffett has made his mark through "value investing" – a strategy focused on finding companies with solid fundamentals, buying them at fair prices, and holding them for decades.
Despite his retirement from the top board post, the change is considered an orderly passing of the baton rather than a sudden shock.
The company assured investors that day-to-day operations will remain steady.
Buffett concluded his letter by saying it had been the "privilege of a lifetime" to serve as chairman, but acknowledged that in the end, "Father Time always wins".
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- Howard Buffett's main duty as chairman will be guarding the firm's "culture and values."
- Warren Buffett has stepped down as chairman of Berkshire Hathaway, handing over leadership to his son Howard in the final chapter of a long-planned transition at the US business giant.
- The decision comes nine months after Buffett passed the chief executive role to Greg Abel, with his son, Howard, who has been a director since 1993, taking over non-executive board duties.
- He took control of Berkshire Hathaway in 1965 when it was a struggling New England textile mill and turned it into a $1.1 trillion (£822b), global conglomerate.
- Buffett has made his mark through "value investing" – a strategy focused on finding companies with solid fundamentals, buying them at fair prices, and holding them for decades.