Billionaire investor and philanthropist Warren Buffett is stepping down as the chairman of Berkshire Hathaway, the holding company said Friday.
Buffett is 96 years old. His son, 71-year-old Howard Buffett, will succeed him in the role as chairman.
‘I have never felt better about what comes next’
“I have served Berkshire since 1965,” Buffett told shareholders in a message. “Sixty-plus years in, I still have the best job in the world. This is not something many people my age can say, and I have never felt better about what comes next.”
This comes after Buffett stepped down as the firm’s CEO last year, with Greg Abel succeeding him in that position.
“Greg runs the company; Howard will guard its culture and values — both worth more than anything on our balance sheet,” Buffett said. “Think of Howard as a policy the shareholders own and hope never to claim against.”
In a statement of his own, Abel said “the culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”
How did Buffett lead Berkshire Hathaway?
Buffett purchased textile firm Berkshire Hathaway in 1965 and transformed it into a multinational conglomerate holding company with a worth of over $1 trillion (€871 billion) in terms of market capitalization. Most of the companies worth more than $1 trillion are in the tech sector.
Buffett’s investment prowess has led to Berkshire beating the S&P market index in 40 out of the past 60 years.
Berkshire owns whole businesses in sectors such as insurance and energy; the firm also owns restaurant chain Dairy Queen. Moreover, Berkshire invests in companies such as Apple, Coca-Cola, Chevron and Bank of America.
According to Forbes, Buffett is the 10th-richest person in the world today with a net worth of $144.7 billion.
Buffett grew up in Omaha, Nebraska, where Berkshire is also headquartered. Known as the “Oracle of Omaha,” Buffett has embraced a folksy public persona and is enamored with American staples such as McDonald’s breakfasts, Dairy Queen sundaes and Coca Cola.
Edited by: Zac Crellin
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