Berkshire Hathaway names Warren Buffett as chairman emeritus, son Howard appointed as chairman

New business data points to the fact that World'smost famous investor Warren Buffett is stepping down as chairman of Berkshire Hathaway, the sprawling conglomerate worth $1 trillion that he has led since 1965. The 96-year-old legendary investor announced the move in a letter to shareholders on September 18.

Buffett will become chairman emeritus, effective immediately, while remaining a director on the board, the firm stated in a separate announcement. His son, Howard Buffett, will replace him as chairman as dictated by a long-standing succession plan, Berkshire stated. Susan Decker will continue as lead independent director.

Greg Abel, Chief Executive Officer, stated on behalf of the entire Berkshire Board of Directors: “Warren’s impact on Berkshire and its owners is without parallel in the history of American business. The culture Warren built and the values he championed will stay at the heart of Berkshire, and Howard will be their guardian. We are grateful to Howard for the care, discipline, and deep understanding of Berkshire he will bring to his new role, and to Sue Decker for her continued leadership and valued contributions as Lead Independent Director.”

"As Chairman Emeritus, Mr. ‌Buffett ⁠will stay a member of the Board of Directors ​and ​will ⁠keep offer his valued ​judgment and ​perspective," ⁠Berkshire stated in a statement.

Last year, Buffett announced he would leave his role as chief executive officer.

Warren Buffett took Berkshire over in 1965 when it was a medium-sized textile maker and transformed it into one of the world’s largest conglomerates.

His 71-year-old son, Howard, has been a director on Berkshire’s board since 1993 and additionally runs his own charitable foundation.