Warren Buffett is to step down as chairman of Berkshire Hathaway, ending one of the most storied careers in investment history. The 96-year-old, nicknamed the Oracle of Omaha for his market-beating returns, will take on the honorary title of chairman emeritus at the company he bought in 1965, and will be succeeded as chairman by his son Howard, who has spent 33 years as a director in the business. Mr Buffett quit as chief executive of Berkshire Hathaway earlier this year, making way for Greg Abel, the company's vice chairman. Berkshire Hathaway, based in Omaha, Nebraska, has averaged an annual return of 19.8pc since Mr Buffett acquired it, compared to the S&P 500's 10.2pc, and Mr Buffett owns 13.7pc of the company, giving him a net worth of $145bn, making him the world's 10th-richest person. Mr Abel said Warren's impact on Berkshire and its owners is without parallel in the history of American business, and that the culture Warren built and the values he championed will remain at the heart of Berkshire, with Howard as their guardian.
Berkshire Hathaway IncWarren Buffett steps down as chairman, succeeded by son Howard, after already quitting as CEO; leadership transition with no clear financial driver.
