Warren Buffett steps down after six decades at Berkshire - 'Father Time always wins'
Since taking control in 1965, Buffett grew a struggling textile mill into a global conglomerate.
Warren Buffett steps down after six decades at Berkshire - 'Father Time always wins'
Howard Buffett's main duty as chairman will be guarding the firm's "culture and values."
Warren Buffett has resigned as chairman of Berkshire Hathaway, passing leadership to his son Howard in the last stage of a transition that had long been planned at the US business giant.
At 96, the globally renowned investor will take on an advisory position as chairman emeritus and stay on the company board to provide his "judgement and perspective", according to a letter to shareholders.
The move comes nine months after Buffett handed the chief executive role to Greg Abel, with his son Howard, who has served as a director since 1993, assuming non-executive board responsibilities.
Widely known as the "Oracle of Omaha," Buffett assembled one of the most impressive investment records in modern history.
He took charge of Berkshire Hathaway in 1965, when it was a struggling New England textile mill, and transformed it into a $1.1 trillion (£822b), global conglomerate.
Today, the company owns a broad range of well-known brands, including GEICO car insurance, Dairy Queen, and the BNSF railway system. It also holds major stakes in firms such as Apple and Coca-Cola — a brand especially close to Buffett, who famously drinks five cans a day.
Buffett built his reputation through "value investing" — a strategy centered on identifying companies with strong fundamentals, buying them at reasonable prices, and holding them for decades.
His yearly letters to shareholders and festival-like annual meetings made him a major mentor throughout the financial world.
Even with his departure from the top board role, the change is seen as a smooth handover rather than an abrupt surprise.
"The timing is right to complete the transition," Buffett wrote, saying he had recently marked his 96th birthday and the first birthday of one of his great-grandchildren, who is "moving a bit faster" than he is.
The company told investors that daily operations will continue as normal.
While Greg Abel oversees corporate strategy and capital decisions, Howard Buffett's main duty as chairman will be protecting the firm's "culture and values". A former farmer, philanthropist, and sheriff, the younger Buffett brings more than 30 years of board experience to the position.
Buffett ended his letter by saying it had been the "privilege of a lifetime" to serve as chairman, while admitting that in the end, "Father Time always wins".