Management transitions are routine on Wall Street. Yet, some are seismic and have implications that remain milestones. When Warren Buffett's stint at Berkshire Hathaway (BRK.A) (BRK.B) as CEO came to an end, the investing world was taken by surprise. Even though the Oracle was 94, and murmurs about his retirement had intensified over the years.
Now, the legendary investor is giving up his role as chairman of the board as well. The 96-year-old billionaire, who turned a faltering textile business into one of the largest conglomerates in the world, has been at the helm of Berkshire's board for 56 years. Buffett's eldest son, Howard, will replace him. Howard Buffett has been a member of the board for 33 years.
