Buffett Exits Berkshire Chair; Son Howard Takes Over
Buffett Exits Berkshire Chair; Son Howard Takes Over
The News
Warren Buffett is stepping down as chairman of Berkshire Hathaway, the company said Friday, ending the last formal command role for the 96-year-old investor who built the conglomerate into an investing powerhouse.
Buffett becomes chairman emeritus, effective immediately, Berkshire said.
His son, Howard Buffett, replaces him as chairman — the outcome Berkshire's long-standing succession plan called for, according to the company.
The move comes less than a year after Buffett handed over the chief executive job, Axios reported.
The Roles
Chairman: Howard Buffett. Chairman emeritus: Warren Buffett. Both changes take effect immediately.
Timeline
Buffett hands over the CEO reins at Berkshire Hathaway, keeping the chairmanship.
Berkshire Hathaway announces that Buffett is stepping down as chairman and has been named chairman emeritus, effective immediately, with Howard Buffett named chair.
Reactions
Buffett explained the decision himself in a letter to shareholders. "Father Time always wins," he wrote, according to The New York Times and CNBC. "He has, however, been generous with me."
Berkshire framed the handover as planned rather than abrupt, saying Howard Buffett's elevation follows a long-standing succession plan, CNBC reported.
Coverage across the business press was uniform on the substance: Reuters, the Financial Times, Axios and Business Insider all reported the same two facts — chairman emeritus for Warren Buffett, the chair for his son, effective now.
What's Next
Howard Buffett takes over the chairmanship immediately, with his father staying attached to the company as chairman emeritus.
Investors will look to Berkshire's next shareholder communications and filings for detail on what the emeritus role involves in practice, and for how the board operates under the new chair.
More
Buffett, known as the "Oracle of Omaha," is 96. Axios described the insurance-to-railroads conglomerate as moving onto its next chapter with Friday's announcement.
Berkshire published the announcement in a statement on its own website dated Sept. 18.
Poll
Was handing the Berkshire chairmanship to Buffett's son the right call?
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