Warren Buffett, 96, said in a letter to shareholders on Friday that he will step down as chairman of Berkshire Hathaway. In a separate company statement, Berkshire said Buffett will become honorary chairman effective immediately and will remain a member of the board. Under the company’s long-established succession plan, his son Howard Buffett will take over as chairman, while Susan Decker will continue in her role as lead independent director. The move comes about nine months after Greg Abel became chief executive officer while Buffett kept the chairman position. In the company statement, Abel said the culture Buffett built and the values he championed will remain central to Berkshire, adding that Howard Buffett will serve as a guardian of those values.
PANews reported on Sept. 18, citing Jinshi, that legendary investor Warren Buffett, 96, said in a letter to shareholders on Friday that he will step down as chairman of Berkshire Hathaway.
Berkshire Hathaway trades under BRK.A.N and BRK.B.N. In a separate statement, the company said Buffett will become honorary chairman effective immediately and will continue to serve as a member of the board.
Under the company’s long-established succession plan, Howard Buffett will succeed him as chairman, while Susan Decker will remain lead independent director.
The decision comes about nine months after Greg Abel took over as chief executive officer, with Buffett retaining the chairman role during that period.
In the company statement, Abel said: "The culture Warren built and the values he championed will always remain at the core of Berkshire, and Howard will be a guardian of those values."
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