Warren Buffett steps down as chairman of Berkshire Hathaway
Warren Buffett, who ended his decades-long tenure as CEO of Berkshire Hathaway at the end of last year, is giving up the chairman post he has held since 1970. Buffett, 96, will remain on the board to serve as Chairman Emeritus. His son Howard, a board member since 1993, will take over the role as [...] The post Warren Buffett steps down as chairman of Berkshire Hathaway appeared first on…
Warren Buffett, the 96-year-old investor and philanthropist, has announced that he will step down from his role as chairman of Berkshire Hathaway, a position he has held since 1970. Despite ending his tenure as CEO at the end of the previous year, Buffett will remain on the board as Chairman Emeritus. His son Howard, who has been a board member since 1993, will assume the chairman position.
Buffett, often referred to as the "Oracle of Omaha," has transformed Berkshire Hathaway into one of the world's most valuable companies through his value investing strategy, surpassing the broader market. He is currently the world's 10th richest person, with a net worth of $145 billion, according to Bloomberg's Billionaire Index.
In a letter to Berkshire Hathaway shareholders, Buffett revealed that he is stepping down partly due to CEO Greg Abel's impressive performance, exceeding his expectations. However, he also acknowledged his age, noting that his great-grandson is growing up faster than he is. Buffett humorously stated, "Father Time always wins," but expressed gratitude for the opportunities he has had to see Berkshire Hathaway reach new heights.
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- Key executives running Berkshire Hathaway's US$1 trillion empire channelnewsasia.com
