Warren Buffett has officially stepped down as chairman of Berkshire Hathaway, ending his more than half-century tenure leading the American conglomerate. The influential billionaire investor announced the change in a statement released by the company on Friday, marking a significant transition in corporate leadership.
According to the announcement, Buffett’s resignation is effective immediately. While he is leaving the role of chairman, the 96-year-old investor will remain a member of the board of directors. The company stated that his son, Howard Buffett, will assume the position of chairman.
Buffett had previously signaled this shift in leadership, announcing plans last year to retire from leading the business group. His departure concludes an era in which he transformed Berkshire Hathaway from a small textile company into a financial behemoth with a market value exceeding $1 trillion on Wall Street.
Under Buffett’s stewardship, the conglomerate became the first American group outside the technology sector to reach a valuation of over $1 trillion. The company has expanded significantly, now owning dozens of diverse businesses including Duracell batteries and the US insurer Geico.
Beyond its wholly owned subsidiaries, Berkshire Hathaway maintains a portfolio of shares in carefully selected companies. Notable holdings include Coca-Cola and Bank of America, reflecting the long-term investment strategy that defined Buffett’s career.
<small>Source: Vanguard News — read the original story there.</small>
