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 after more than six decades in the company's top leadership position. As of Friday, Buffett will be designated as chairman emeritus, while his son, Howard, who has been a director since 1993, has been elected as the new chairman.

In a letter to shareholders, Buffett expressed his gratitude for the privilege of serving as chairman, stating that the time was right to complete the leadership transition. He praised Greg Abel, who became chief executive earlier in the year, for exceeding his expectations and running the company efficiently.

Berkshire Hathaway, under Buffett's guidance, has evolved from a struggling textile manufacturer to a global conglomerate with diverse businesses in insurance, energy, rail, manufacturing, services, and retail. Buffett highlighted Howard's role in preserving the company's culture and values, likening him to a policy that shareholders own and hope never to claim against.

Howard Buffett, who has led the Howard G. Buffett Foundation since 1999, will continue this philanthropic work. Despite his retirement, Warren Buffett expressed confidence in Berkshire's future, affirming that the company was "in excellent hands."