Warren Buffett is stepping down as chairman of Berkshire Hathaway after over 60 years at the company. At 96 years old, Buffett became a prominent figure among global investors, earning billions while leading the firm. He will transition to an honorary role as chairman emeritus, with his son Howard taking over as chairman.
In a letter to shareholders, Buffett reflected on his long tenure, expressing that he has had “the best job in the world” and is optimistic about the future. He previously stepped down as CEO last year, with Greg Abel succeeding him. Buffett stated that while Abel will manage the company, Howard will focus on maintaining its culture and values, which he believes are invaluable.
Buffett acquired Berkshire Hathaway in 1965 and transformed it from a textile company into a multinational conglomerate, owning significant stakes in companies like Apple, American Express, and Coca-Cola. His wealth, primarily from Berkshire’s stock, was valued at over $140 billion in July.
