Warren Buffett ends his run as Berkshire chairman

Warren Buffett announced on Friday that he is stepping down from his position as chairman of Berkshire Hathaway, effective immediately. The 96-year-old investor will transition to the role of chairman emeritus and will continue to serve on the company's Board of Directors. His son, Howard Buffett, was elected as the new chairman, having been a director since 1993. Berkshire Hathaway's CEO, Greg Abel, and Lead Independent Director, Susan Decker, will remain in their respective roles.

Buffett stated that Warren's impact on Berkshire and its owners is unparalleled in American business history. He added that the culture and values Buffett established would continue to be cherished by the company, with Howard Buffett serving as a guardian. The Berkshire board expressed their appreciation for Buffett's leadership and guidance.

Buffett, who began his tenure at Berkshire Hathaway in 1965, said in a letter to shareholders that he still holds the best job in the world. He expressed that he has never felt better about the future. Throughout his career, Buffett has been a prominent figure in philanthropy, donating around $66 billion in shares since launching his major pledge in 2006.