Warren Buffett has stepped down as chairman of Berkshire Hathaway after nearly six decades at the helm of the company.
The magnate, aged 96, has become emeritus chairman, while his son Howard Buffett has taken over as the new chairman of the holding company.
Why Warren Buffett stepped down as chairman of Berkshire Hathaway
The change is part of the leadership transition process at Berkshire Hathaway. Buffett explained in a letter to shareholders that Greg Abel had already fully assumed the role of chief executive officer.
According to Buffett, Abel had been making the key decisions for the company for some time. The businessman had stepped down as CEO at the end of last year and was succeeded by Abel.
Buffett's departure from the chairmanship thus completes the transfer of the main executive responsibilities. However, he will remain connected to Berkshire Hathaway from the board of directors.
What position did Warren Buffett take after leaving Berkshire Hathaway
After stepping down as chairman, Warren Buffett immediately took on the role of emeritus chairman. Additionally, he will continue to be a member of the board of directors of Berkshire Hathaway.
The company also specified that Buffett will continue to provide his perspective as an advisor. In his letter, the businessman stated that he had never felt more optimistic about Berkshire's prospects under the new structure.
Who is Howard Buffett, the new chairman of Berkshire Hathaway
Howard Buffett, aged 71, is the new chairman of Berkshire Hathaway. He has been part of the board of directors since 1993 and had accumulated 33 years of experience before taking on the chairmanship.
Buffett noted that his son was following a similar path to the one he himself took before taking control of Berkshire Hathaway at the age of 34.
