Warren Buffett, the world's most revered investor and former CEO of Berkshire Hathaway, has been named chairman emeritus of the conglomerate, effective immediately, the company announced Friday. Buffett, 96, stated in a letter to shareholders, "Father Time always wins. He has, however, been generous with me."
Berkshire Hathaway has appointed Howard Buffett, the company's director since 1993 and Warren Buffett's son, as the new chairman. The company said that in his new role as Chairman Emeritus, Warren Buffett will remain on the Board of Directors and will continue to provide his judgment and perspective.
Buffett is credited with transforming Berkshire Hathaway from a struggling textile business into an investment giant valued at over $1 trillion. His investment strategy, characterized by a focus on acquiring high-quality businesses at reasonable prices for the long term, consistently yielded gains that surpassed broader market performance, establishing him as a trusted steward of capital.
Earlier this year, Buffett stepped down as CEO of Berkshire Hathaway, with longtime lieutenant Greg Abel taking over the role. Abel stated that "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."