Warren Buffett steps aside as Berkshire Hathaway chairman

Warren Buffett is stepping aside as chairman of Berkshire Hathaway, closing another chapter in a more than six-decade run guiding the company he built into a trillion-dollar conglomerate.

Berkshire Hathaway said Friday that Buffett, 96, has been named chairman emeritus effective immediately. He will remain on the company’s board of directors and continue to advise the business.

“As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective,” Berkshire said in a statement.

Howard G. Buffett, Buffett’s son, will take over as chairman under a longstanding succession plan, the company said. The change comes eight months after Warren Buffett stepped down as chief executive of Berkshire, handing that role to Greg Abel, his longtime lieutenant.

Buffett announced the move in a letter to shareholders Friday.

“Father Time always wins,” he wrote. “He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”

Buffett noted in the letter that he has “served Berkshire since 1965,” a period in which the Nebraska-based company became closely associated with his investment record and drew attention from investors around the world. Under his leadership, Berkshire grew into a sprawling company with investments in industries ranging from railroads and insurance to candy and ice cream.

Since Buffett began using Berkshire Hathaway as his primary investment vehicle in the 1960s, the company’s share price had risen more than 5,500,000% by the time he retired as CEO, according to NBC News. Over the same period, the S&P 500 returned about 39,000%.

Buffett remained visible in public even late in his tenure. NBC News reported that he appeared in interviews with CNBC as recently as July, though his voice had sounded weak in recent appearances.

He also remained active as an investor. In July, Buffett told CNBC that Berkshire had initiated an investment in Alphabet. In that interview, he said he “made a mistake” by not investing in the technology company earlier. NBC News reported that the Alphabet stake is now worth more than $27 billion and ranks as Berkshire’s fifth-largest holding.

The transition leaves Berkshire with Abel as chief executive and Howard Buffett as chairman, while Warren Buffett retains a formal role on the board and the honorary title of chairman emeritus.