Warren Buffett stepped down as chairman of Berkshire Hathaway on Friday, September 18, closing out a role he had held since 1970. The move comes just months after he stepped back from the CEO position he had held for decades, ending last year.
Buffett, 96, will remain on Berkshire’s board, taking on the title of Chairman Emeritus. His son, Howard, who has served as a board member since 1993, will now step into the chairman’s role, succeeding his father at the helm of the conglomerate’s governance.
Known globally as the “Oracle of Omaha,” Buffett built Berkshire Hathaway into one of the most valuable companies in the world through his disciplined value-investing philosophy, consistently beating the broader market over the decades. His success made him the world’s 10th richest person and one of the most recognised philanthropists of his generation. According to Bloomberg’s Billionaire Index, his net worth currently stands at $145 billion.
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In a letter addressed to Berkshire shareholders on Friday, Buffett explained that his decision to step back was shaped in part by CEO Greg Abel’s performance exceeding his expectations since taking charge. Reflecting on his age with characteristic humour, Buffett noted that his one-year-old great-grandson “is moving a bit faster than I am these days.”
“Father Time always wins,” he wrote. “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.”
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