Warren Buffett steps down as chairman of Berkshire Hathaway, a post he has held since 1970. For now, he will remain a director of the company. The 96-year-old legendary investor announced the move in a letter to shareholders on Friday.
The company said Friday that Howard, Warren Buffett’s son, will become Berkshire Hathaway’s new chairman. Howard Buffett has served as a Berkshire Hathaway board member since 1993.
“Father Time always wins,” wrote Buffett. “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.”
Buffett transformed the company from a struggling textile business into an investment giant worth more than $1 trillion.
Known for his long-term strategy and focus on buying high-quality businesses at reasonable prices, Buffett delivered steady gains that outpaced broader markets, making him a trusted steward of capital.
Buffett stepped down as CEO of the company late last year. He was succeeded by Greg Abel.
“Warren’s impact on Berkshire and its owners is without parallel in the history of American business,” Abel said in a statement. “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”