Warren Buffett steps down as Berkshire chairman after 56 years

Warren Buffett, the 96-year-old investor, has announced his retirement as chairman of Berkshire Hathaway after a remarkable 56-year tenure. The leadership change was announced by the company on Friday, with his son, Howard Buffett, taking over the role as the new chairman. Buffett, who joined Berkshire's board in 1965, had been serving as chairman since 1970. He will continue to be a member of the board and share his insights, but his official title will now be "chairman emeritus."

Howard Buffett, who has been a Berkshire director since 1993, will assume the position of chairman. He has also served as chairman and chief executive officer of the Howard G. Buffett Foundation since 1999. The transition follows Buffett's departure as the company's chief executive officer, with Greg Abel taking over in that role.

Berkshire Hathaway CEO Greg Abel praised Buffett's impact on the company, stating that "Warren's influence on Berkshire and its owners is without parallel in the history of American business." Abel added that "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."

In a letter to shareholders, Buffett expressed that "Father Time always wins" but thanked the company for their generosity towards him. Berkshire Hathaway confirmed that the appointment of Howard Buffett was in line with their long-standing succession plan.