Warren Buffett steps down as Berkshire chairman after six decades, as son takes over

Warren Buffett, the 96-year-old chairman of Berkshire Hathaway, has announced his retirement from his long-standing role in the company, marking the end of a six-decade tenure. Despite stepping down as chairman, the billionaire investor will retain his position as a director and continue to offer his "judgment and perspective" to the company.

The leadership transition was greeted with praise from those involved, with Buffett crediting his successor, Greg Abel, for exceeding expectations since taking over as chief executive earlier this year. Abel will continue to steer Berkshire's operations while Howard Buffett, who has served as chairman since 1993, will focus on preserving the company's culture and values.

In a letter to shareholders, Buffett expressed gratitude for the opportunity to witness Berkshire's growth and emphasized his confidence in the company's future. He described Howard Buffett as a guardian of the company's core principles, stating that the younger Buffett's stewardship of culture and values is invaluable.

Berkshire Hathaway, which Buffett joined in 1965, has transformed from a struggling textile manufacturer into a global conglomerate with a diverse portfolio of businesses spanning insurance, energy, rail, manufacturing, services, and retail. The company's board commended Buffett's leadership and transitioned the role to his son, recognizing Howard as a key figure in maintaining the company's integrity and legacy.