Legendary Billionaire Investor Who Trashed Trump Tariffs Steps Down
Billionaire investor Warren Buffett is stepping down as chairman of his Berkshire Hathaway firm, to be replaced by his son.
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The 96-year-old confirmed his decision in a to his trillion-dollar company’s shareholders on Friday.
“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Buffett said.
“Father Time always wins. 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.”
His son Howard Buffett will become chairman of Berkshire Hathaway as part of a long-standing succession plan. The 96-year-old will remain a member of the Board of Directors and has been given the honorary title of chairman emeritus.
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In his letter, Buffett said a big reason for stepping down now was Greg Abel’s performance since he took over from him as Berkshire Hathaway CEO in January.
“My expectations for him were sky high from the start, and he has exceeded them,” Buffett said.
“He has taken hold of the Chief Executive Officer job in every respect. He has been making the decisions that matter for some time now, and I have not had to think twice about any of them. So the timing is right to complete the transition.
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This is a developing story and will be updated.
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