Warren Buffett steps down as chairman of Berkshire Hathaway

Legendary investor Warren Buffett is stepping down as chairman of Berkshire Hathaway, the company said on Friday.

“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Buffett, who was named chairman emeritus, said in a letter to shareholders. “Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”

Buffett’s son, Howard Buffett, will become chairman of the board, effective immediately. He has been a Berkshire director since 1993.

“Howard will guard its culture and values – both worth more than anything on our balance sheet,” Buffett said. “Think of Howard as a policy the shareholders own and hope never to claim against.”

Buffett has served Berkshire since 1965 and stepped down as CEO earlier this year. He was succeeded by Greg Abel, who was the vice chairman of non-insurance operations.

“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.”

Buffett became known as the “Oracle of Omaha” for his investing success as well as his folksy wisdom and modest lifestyle.

He was a disciple of Benjamin Graham, the economist and his former professor, stressing the importance of company fundamentals and not overpaying for assets.

Known for his long-term strategy and focus on buying high-quality businesses at reasonable prices, Buffett delivered steady gains that outpaced broader markets, making him a trusted steward of capital.

Buffett’s net worth is valued at $145 billion as of Friday, according to Bloomberg’s Billionaires Index.

Reuters contributed to this report.