Warren Buffett steps down as Berkshire Hathaway chairman; son Howard to take over
WASHINGTON, Sept 18 — Billionaire investor Warren Buffett stepped down on Friday as chairman of Berkshire Hathaway, a post he had held since 1970. He ended his decades-long tenure as the company’s chief executive late last year.Buffett, 96, will remain on the board as chairman emeritus. His son Howard Buffett, a board member since 1993,…
WASHINGTON, Sept 18 — Billionaire investor Warren Buffett stepped down on Friday as chairman of Berkshire Hathaway, a post he had held since 1970. He ended his decades-long tenure as the company’s chief executive late last year.
Buffett, 96, will remain on the board as chairman emeritus. His son Howard Buffett, a board member since 1993, will become chairman.
Widely known as the “Oracle of Omaha,” Buffett applied a value-investing approach to turn Berkshire into one of the world’s most valuable companies. Bloomberg’s Billionaires Index puts his net worth at $145 billion. He is also one of the world’s most prominent philanthropists.
In a letter to shareholders on Friday, Buffett said his decision to step back was partly because CEO Greg Abel had exceeded his expectations. He also joked about his age, writing that his one-year-old great-grandson “is moving a bit faster than I am these days.” He wrote that time had allowed him to see Berkshire reach a point where he is more confident about what lies ahead than before.
