Warren Buffett steps down as Berkshire Hathaway chairman, a post he has held since 1970
Warren Buffett is stepping down as chairman of Berkshire Hathaway after serving in the role at the $1 trillion conglomerate for more than 50 years.
Warren Buffett, the 96-year-old chairman of Berkshire Hathaway, is set to relinquish his role after more than 50 years of leadership. His son, Howard, will assume the position of chairman, while Buffett will continue as a director. Buffett, known as the Oracle of Omaha, has been at the helm of the $1 trillion conglomerate since 1970.
Greg Abel, appointed as CEO at the beginning of the year, will oversee the company's operations. Buffett expressed satisfaction with the upcoming leadership, praising Greg's management of the company and Howard's commitment to maintaining Berkshire's culture and values. The billionaire philanthropist has amassed his wealth through Berkshire Hathaway shares and has donated around $66 billion in stock since 2006.
Under Buffett's guidance, Berkshire Hathaway has outperformed the S&P 500 with a 19.9% compounded annual growth rate.
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