Buffett steps down as chairman

Warren Buffett, 96, announced Friday he is stepping aside as Berkshire Hathaway chairman. He will become chairman emeritus and remain on the board of directors.

Son Howard takes the role

Howard Buffett, Warren's son, will become Berkshire's new chairman under a longstanding successor plan. He has served as a Berkshire director for thirty three years.

Buffett on stepping back

Buffett wrote in his letter: "Father Time always wins. He has, however, been generous with me. The company is in excellent hands."

“Father Time always wins. He has, however, been generous with me. The company is in excellent hands.”

Six decades of transformation

Buffett spent six decades transforming a struggling textile manufacturer into one of the world's most successful companies. Berkshire shares gained more than five million five hundred thousand percent from nineteen sixty five through twenty twenty four.

Greg Abel leads as CEO

Buffett stepped down as CEO several months ago, handing the role to Greg Abel, now sixty four. Buffett said Abel has exceeded his sky high expectations and made all the important decisions.

Abel praises Buffett's legacy

In his statement, Abel said Warren's impact on Berkshire and its owners is without parallel in the history of American business, cementing the transition between the two leaders.

“Warren's impact on Berkshire and its owners is without parallel in the history of American business.”