Warren Buffett is ending one of the key chapters in his life. The chairman of Berkshire Hathaway, one of the most successful investment firms in the world, is stepping down. He'll become chairman emeritus, with his son, Howard Buffett, taking his place.
© Najlah FeannyBuffett shared the news in a letter he sent to his board members. “Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” he wrote. “Father Time always wins. He has, however, been generous with me.”
Buffett is worth around $144 billion. His career began when he took over Berkshire Hathaway, a struggling textile firm, and transformed it into one of the country's most valuable companies. He's spearheaded major investments in companies like Coca-Cola, GEICO, Dairy Queen, Duracell, and more.
© Getty ImagesHis decision to step down has been slowly planned out, with him stepping down as chief executive last year, with his longtime collaborator Greg Abel taking over.
Abel's first letter to shareholders, shared earlier this year, noted Buffett's incredible legacy. Aside from his achievements in investment and banking, his letters to shareholders were famous for his quips, showcasing his skills as a leader and writer. “Warren is obviously a hard act to follow,” wrote Abel.
In a statement shared today, Abel reiterated Buffett's importance. “Warren’s impact on Berkshire and its owners is without parallel in the history of American business,” he 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.”
Who is Howard Buffett?
© Global Images Ukraine via GettyHoward Buffett is one of Warren's three kids. He's 71 years old and has been working as a director for Berkshire for the past three decades.
Despite the end of an era, few changes are expected following Buffett's retirement, with Howard only taking over his father's role as chairman. He will lead the board of directors yet won't have an involvement with day-to-day operations.
“I feel I’m prepared for it because he prepared me,” he said in an interview with The Wall Street Journal. “That’s a lot of years of influence and a lot of years of teaching.”
Warren Buffett shares three kids with his first wife, the late Susan Thompson Buffett: Susan, Howard, and Peter. He's now married to Astrid Buffett, with whom he's been since 2006.
© Getty Images
