Warren Buffett steps down as Berkshire Hathaway chairman

Billionaire investor Warren Buffett announced Friday that he is stepping down as chairman of Berkshire Hathaway, the conglomerate announced on Friday. The renowned investor has led the group for over half a century, transforming it into a financial powerhouse. Effective immediately, Buffett's resignation takes effect, though he will continue as a board member but as chairman emeritus, as the company disclosed in a statement.

Buffett's son, Howard Buffett, 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 group last year. Berkshire Hathaway, which began as a small textile company, has grown into a massive conglomerate under Buffett's guidance, currently valued at over $1 trillion on Wall Street, a historic achievement for an American company outside the tech industry.

Today, his conglomerate owns a diverse portfolio of businesses, ranging from Duracell batteries to insurance giant Geico, and stakes in well-chosen companies such as Coca-Cola and Bank of America. Despite the inevitable march of Father Time, Buffett has demonstrated remarkable generosity throughout his career.