Warren Buffett is stepping down as chairman of Berkshire Hathaway, the holding company said Friday, marking another transition in the leadership of the conglomerate he has led for decades.
Buffett, 96, said in a message to shareholders that he had served Berkshire since 1965. He described the role as the best job in the world and said he had never felt better about what comes next.
His son, Howard Buffett, 71, will succeed him as chairman. Warren Buffett said Greg Abel, who became Berkshire’s chief executive last year, runs the company, while Howard Buffett will safeguard its culture and values. He characterized the chairmanship as a role focused on preserving those principles.
Abel said the culture Warren Buffett built and the values he promoted would remain central to Berkshire, with Howard Buffett serving as their guardian, according to the source.
Buffett bought the textile company Berkshire Hathaway in 1965 and transformed it into a multinational holding company with a market capitalization of more than $1 trillion, the source said. Its businesses include insurance, energy and the Dairy Queen restaurant chain, while its investments include Apple, Coca-Cola, Chevron and Bank of America.
The source said Berkshire has outperformed the S&P market index in 40 of the past 60 years. Forbes ranked Buffett as the world’s 10th-richest person, with an estimated net worth of $144.7 billion.