Warren Buffett stepped down as chairman of Berkshire Hathaway, the conglomerate announced Friday, ending the revered investor's more than half a century of running the group he turned into a financial behemoth. The resignation is effective immediately, though Buffett will remain a member of the board of directors as chairman emeritus, Berkshire Hathaway said in a statement. Buffett's son Howard Buffett will take over as chairman, the statement added. The 96-year-old had announced plans last year to retire from leading the business group. Berkshire Hathaway, a former small textile company, has grown under Buffett's leadership into a gigantic conglomerate now worth over $1 trillion on Wall Street, a first for an American group outside the tech sector, owning dozens of businesses from Duracell batteries to US insurer Geico and shares in companies from Coca-Cola to Bank of America. In a letter to shareholders, Buffett said, "Father Time always wins. He has, however, been generous with me," adding that the company is in excellent hands.
Coca-Cola Europacific Partners PLC
The Coca-Cola CompanyBerkshire Hathaway IncBuffett steps down as chairman effective immediately, with son Howard taking over; leadership change with no clear positive or negative driver.
Bank of America Corp