Warren Buffett has stepped down as chairman of Berkshire Hathaway after more than five decades in the role.
Berkshire Hathaway announced the leadership change in a statement on Friday, naming Buffett chairman emeritus with immediate effect. His son, Howard Buffett, was elected as the company’s new chairman.
Warren Buffett, 96, will remain a member of the board and continue to provide his experience, judgment and perspective to the company.
He became chairman of Berkshire Hathaway in 1970 after joining the company’s board in 1965.
Howard Buffett has served as a Berkshire director since 1993 and has been chairman and chief executive officer of the Howard G. Buffett Foundation since 1999.
The transition follows Warren Buffett’s earlier departure as Berkshire Hathaway’s chief executive officer, with Greg Abel succeeding him as CEO.
Reacting to the change, Abel praised Buffett’s extraordinary influence on Berkshire Hathaway and its shareholders, saying the culture and values he established would remain central to the company.
In a letter to shareholders, Buffett reflected on his long career, writing: “Father Time always wins. He has, however, been generous with me.”
Berkshire Hathaway said Howard Buffett’s appointment is in line with the company’s long-standing succession plan.
