Berkshire Hathaway announced that Warren Buffett, 96, is stepping down as chairman. He will transition to the role of chairman emeritus, effective immediately. His son, Howard Buffett, will take over as the new chairman. Howard Buffett has served as a company director since 1993. Greg Abel remains CEO after assuming the position earlier this year.
The transition follows the company's long-established succession plan. Warren Buffett will remain on the board of directors to provide perspective. In a letter to shareholders, Buffett remarked that Father Time always wins. Howard Buffett will serve as the guardian of the company's established culture and values.
The move ends Warren Buffett's 61-year tenure leading the conglomerate. Berkshire Hathaway is currently valued at approximately $1.03 trillion. Company shares fell 0.1% in Friday premarket trading.