Billionaire Warren Buffett steps down as Berkshire chairman after 6 decades
Warren Buffett stepped down on Friday as chairman of Berkshire Hathaway, ending more than six decades building the conglomerate and making himself perhaps the world's most revered investor.
Warren Buffett, the 96-year-old billionaire, is stepping down as chairman of Berkshire Hathaway after an impressive six-decade tenure. His son Howard Buffett will take on the role of non-executive chairman. This change comes nearly nine months after Buffett relinquished his position as CEO, handing over the reins to long-time associate Greg Abel.
However, Buffett remains a director of the company. Renowned as the Oracle of Omaha, Buffett transformed Berkshire from a struggling New England textile firm into a $1.1 trillion conglomerate. He championed a value-oriented investment strategy that resonated with investors and executives alike, all while maintaining a down-to-earth, relatable persona.
Despite his long-standing role, Buffett expressed gratitude in a letter to shareholders, stating that he had never felt more optimistic about the future. Berkshire's portfolio encompasses a diverse range of businesses, including GEICO, BNSF Railway, energy, industrial, and retail companies, as well as iconic brands like Dairy Queen, Ginsu knives, and World Book Encyclopedia.
Berkshire also holds substantial investments in stocks such as Apple, American Express, Alphabet, and Coca-Cola. The company's shares saw a 0.4% increase following Buffett's announcement. This leadership transition marks the culmination of a series of steps designed to ensure a smooth handover of responsibilities. Buffett's influence extends beyond Berkshire, shaping the thinking of corporate leaders and investors worldwide through his emphasis on long-term strategy, prudent capital allocation, and straightforward management.
His annual shareholder meetings in Omaha were eagerly anticipated by tens of thousands of attendees. The values and culture Buffett fostered at Berkshire will remain under Howard Buffett's stewardship, with Abel expected to maintain a guiding influence. Despite his retirement, Buffett will continue to provide his insights as a director.
With a fortune estimated at $145 billion by Forbes, Buffett has donated over half his Berkshire shares to charity since 2006. His departure as CEO was anticipated but not explicitly confirmed by Buffett, who attributed the decision to the natural progression of time.
Written by urgent.news from VnExpress Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
