Warren Buffett is stepping down as chairman of Berkshire Hathaway after more than 50 years in the role. The company said Friday that Buffett, 96, will become chairman emeritus and will take on his new role immediately, while his son Howard will become Berkshire Hathaway's new chairman; Howard Buffett has served as a Berkshire Hathaway board member since 1993. Warren Buffett will remain a director, having served as chairman since 1970. He stepped down as CEO of the company late last year and was succeeded by Greg Abel. "Warren's impact on Berkshire and its owners is without parallel in the history of American business," Abel said in a statement. "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."
Berkshire Hathaway IncWarren Buffett steps down as chairman after 50 years, with son Howard becoming chairman and Greg Abel already CEO; leadership succession with no clear positive or negative operational driver.
