- Warren Buffett is stepping down as chairman of Berkshire Hathaway after leading the conglomerate for over 50 years, transitioning immediately into the role of chairman emeritus.
- Buffett's son, Howard Buffett, who has served on the Berkshire Hathaway board since 1993, will assume the position of chairman as part of a long-planned succession.
- The transition follows Greg Abel taking over as chief executive officer at the start of the year, with Buffett expressing complete confidence in both Abel and Howard to lead the firm forward.
- During his tenure as chief executive, Buffett guided Berkshire Hathaway to nearly double the returns of the S&P 500, achieving a 19.9 percent compounded annual growth rate compared to the index's 10.4 percent gain.
- Buffett, who has served the company since 1965 and accumulated a fortune exceeding $140 billion, will remain a director on the board while continuing his extensive philanthropic efforts.
IN FULL
Warren Buffett steps down as Berkshire Hathaway chairman after 56 years
