Warren Buffett has stepped down as chairman of Berkshire Hathaway, effective immediately. The Ace investor takes on the role as chairman emeritus, the company said on Friday. Buffett, 96, will remain on Berkshire’s Board of Directors and continue to advise the company with his judgment and perspective.
As part of Berkshire Hathaway’s long-standing succession plan, the board has elected his son, Howard Buffett, a director since 1993, as the new chairman. Greg Abel will continue as chief executive officer, while Susan Decker will remain Lead Independent Director.
