Warren Buffett, the 96-year-old legendary investor known as the Oracle of Omaha, is stepping down as chairman of Berkshire Hathaway. The announcement was made Friday in a letter to shareholders, marking the end of his leadership of the $1.1 trillion conglomerate for more than six decades.
As part of a long-planned succession plan announced last year, Buffett's son, Howard, will step in as the company's new chair. Howard Buffett has served on the Berkshire Hathaway board since 1993. Warren Buffett will transition into the role of chair emeritus immediately and will remain a director of the firm.
Buffett turned a failing textile company into an investing powerhouse during his tenure. Reflecting on his departure, he stated in his letter that "Father Time always wins," adding that "He has, however, been generous with me."