Warren Buffett steps down as Berkshire Hathaway chairman

U.S. billionaire investor Warren Buffett has resigned as chairman of Berkshire Hathaway, the company announced on Friday. This marks the end of the respected investor's more than half a century of leading the group, which he transformed into a financial powerhouse. His resignation takes effect immediately, though he will continue to serve as a board member as chairman emeritus, Berkshire Hathaway stated in a declaration.

Buffett's son Howard will assume the role of chairman, according to the statement. The 96-year-old had previously announced his intention to retire from leading the business empire last year. Initially a modest textile company, Berkshire Hathaway has expanded into a vast conglomerate under Buffett's guidance and has achieved a valuation of over $1 trillion on Wall Street, a first for an American firm outside the technology sector.

Today, the conglomerate owns a diverse portfolio of businesses, ranging from Duracell batteries to U.S. insurer Geico, and holds shares in well-chosen companies, such as Coca-Cola and Bank of America.