Warren Buffett is stepping down as chairman of Berkshire Hathaway after 56 years at the helm, with his son Howard set to succeed him.
Buffett will become chairman emeritus while continuing to serve as a director on the company’s board. Berkshire Hathaway praised his “extraordinary contributions to Berkshire and its owners” in a statement released on Friday.
Howard Buffett, who has been a Berkshire director for 33 years, will take on the chairmanship. Greg will continue to run the company, while Howard is expected to protect its culture and values.
In a letter, Warren Buffett wrote: “Howard has been a Berkshire Director for 33 years. That is a longer apprenticeship than I served before taking the reins at the age of 34. Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet.”
He added: “Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted. Father Time always wins. He has, however, been generous with me.”
Howard stepped down as chief executive last year and will now make a further transition within Berkshire Hathaway.
