Warren Buffett steps down after six decades at Berkshire - 'Father Time always wins'

Warren Buffett, the renowned investor often referred to as the "Oracle of Omaha," has announced his retirement as the chairman of Berkshire Hathaway after six decades of service. At the age of 96, Buffett will now take on an advisory role as chairman emeritus, while his son Howard will assume the position as chairman. This transition comes nine months after Buffett handed over the chief executive role to Greg Abel.

Berkshire Hathaway, under Buffett's leadership, has grown from a struggling New England textile mill into a global conglomerate worth $1.1 trillion, with significant investments in well-known companies such as GEICO, Dairy Queen, BNSF railway, Apple, and Coca-Cola. Known for his value investing strategy, Buffett has built a reputation as a mentor in the financial world through his annual shareholder letters and annual meetings.

The company assured investors that day-to-day operations will remain unchanged under the leadership of Greg Abel. Howard Buffett, a former farmer, philanthropist, and sheriff, will focus on preserving the company's culture and values. In his letter to shareholders, Buffett expressed that it had been "the privilege of a lifetime" to serve as chairman, acknowledging that "Father Time always wins."