Buffett Steps Down as Berkshire Chairman After Six Decades

Legendary investor Warren Buffett stepped down as chairman of the board of Berkshire Hathaway on Friday, ending more than six decades in which he built one of the world's largest conglomerates.

Buffett, 96, was given the honorary title of chairman emeritus and remains a member of the board. His eldest son, Howard Buffett, succeeded him as non-executive chairman. Greg Abel, a longtime colleague of Buffett, has been the company's CEO since the start of the year.

Buffett, nicknamed the Oracle of Omaha, transformed a struggling New England textile company into a conglomerate worth about $1.1tn. Berkshire owns the insurer GEICO, the railroad BNSF and a number of energy, industrial and retail businesses. Its portfolio also includes shares in Apple, American Express, Alphabet and Coca-Cola.

"Father Time always wins. He has, however, been generous with me", Buffett wrote to shareholders. He described his departure as the culmination of a carefully planned succession.

Howard Buffett will not manage the company directly. His main role will be to preserve the corporate culture, which is based on simplicity, honesty and the autonomy of individual businesses.

According to Forbes magazine, Buffett's net worth is about $145bn. Since 2006, he has donated more than half of his Berkshire shares to charity.

(Reuters, luc)