Warren Buffett to step down from Berkshire Hathaway

Billionaire investor Warren Buffett announced on Friday that he will relinquish his role as chairman of Berkshire Hathaway, the conglomerate revealed. This marks the conclusion of the esteemed investor's over half a century of guiding the group, which he transformed into a financial titan. The resignation takes effect immediately, and Buffett will continue as a board member, according to Berkshire Hathaway's statement.

Buffett's son, Howard Buffett, will assume the position of chairman, as per the statement. The 96-year-old had previously disclosed his retirement plans from leading the business group last year. Founded as a modest textile company, Berkshire Hathaway has since burgeoned into a colossal conglomerate under Buffett's stewardship, attaining a valuation exceeding US$1 trillion on Wall Street, a first for an American entity outside the technology sector.

Today, the conglomerate manages a diverse portfolio of businesses, ranging from Duracell batteries to the insurer Geico, as well as stakes in established companies like Coca-Cola and Bank of America.