Warren Buffett, 96, will step down as chairman of Berkshire Hathaway’s board, effective immediately, Berkshire said Friday.
“Father Time always wins,” Warren Buffett wrote in a letter to shareholders. “He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”
Buffett has been named chairman emeritus, and his son, Howard G. Buffett, will take over as board chair, as planned.
Yahoo Finance’s Brian Sozzi reports:
Board life will now look much different for Howard, who has a striking resemblance to his legendary investor dad.
And Howard Buffett knows the transition will change his life, which has long consisted of frequent world travel for philanthropic ventures alongside a daily routine of being a farmer who tills his own land.
“I’ve been to 155 countries or something. And I’m on the road a lot. I’ve been in Ukraine five times in 2022. And the same thing, five times in 2023 and probably four or five times this year. So those are trips I won’t make,” Buffett told Yahoo Finance in a 2024 interview.
Buffett, 71, is seen as the “guardian” of the unique Berkshire culture that his father and longtime lieutenant Charlie Munger created over the decades. The business itself is a beast, requiring expert planning and oversight by the Berkshire board.