Warren Buffett steps down, hands Berkshire chair post to son
The “Oracle of Omaha” turned a failing textile company into a US$1.1 trillion conglomerate.
Berkshire Hathaway announced on September 18 that Warren Buffett will step down as its chairman, effective immediately, after nine months of transferring CEO responsibilities to Greg Abel. Howard Buffett, Warren's son, was named chairman, a position he has held since 1993. Warren Buffett, credited with transforming Berkshire from a failing textile company into a $1.1 trillion conglomerate, is known for his long-term investment philosophy, influencing generations of investors.
As Chairman Emeritus, Warren will continue to offer his valued judgment and perspective to the board. Berkshire shares remained relatively stable pre-market trading. The company's valuation has seen a slight decrease in price-to-book value since Warren's announcement. Berkshire remains the sole financial firm among the trillion-dollar market-value conglomerates.
Warren Buffett, 96, expressed satisfaction with the smooth transition in a letter to shareholders. His influence extends beyond Berkshire, shaping corporate leadership and investment strategies. Warren acknowledged the timing was right, and Howard will guard the company's culture and values.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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