Lates News

According to CNBC, legendary investor Warren Buffett, 96, announced in a letter to shareholders on Friday that he will step down as chairman of Berkshire Hathaway (BRK.A.N, BRK.B.N). The company said in a separate statement that Buffett will become chairman emeritus effective immediately while remaining a member of the board. Under a long-established succession plan, his son Howard Buffett will succeed him as chairman, and Susan Decker will continue as lead independent director. The decision comes about nine months after Greg Abel took over as chief executive while Buffett retained the chairman role. In a company statement, Abel said: "The culture Warren built and the values he championed will always be at the core of Berkshire, and Howard will be the guardian of those values."