- Warren Buffett stepped down as Berkshire Hathaway chairman after six decades and will serve as chairman emeritus while remaining on the board to offer "judgement and perspective," according to a letter to shareholders.
- Howard Buffett, a director since 1993, becomes non-executive chairman; his main duty is guarding the firm's "culture and values" while Greg Abel manages corporate strategy and capital decisions.
- Buffett took control of a struggling New England textile mill in 1965 and built it into a $1.1 trillion global conglomerate owning GEICO, Dairy Queen, BNSF and large stakes in Apple and Coca-Cola.
- The company said day-to-day operations remain steady, and the transition is characterized as an orderly passing of the baton rather than a sudden shock.
Quotes
“The timing is right to complete the transition”
“Father Time always wins”
“privilege of a lifetime”