Warren Buffett steps down as Berkshire Hathaway chairman after six decades, son Howard to succeed him

Warren Buffett on Friday stepped down as chairman of Berkshire Hathaway, the $1 trillion conglomerate he has led since 1965. The 96-year-old investor announced the decision in a letter to shareholders."Father Time always wins," Buffett wrote, adding that he looks forward to remaining a shareholder.However, Buffett will become chairman emeritus with immediate effect. According to the company's press release, he will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective.Consistent with the company’s long-standing succession plan, his son and a Berkshire director since 1993, Howard G. Buffett, will succeed him as Chairman.Susan L. Decker will continue as lead independent director, the company announced.Get the latest Business News and Live updates. Download the TOI app.