'Father Time always wins': Legendary investor Warren Buffett steps down as Berkshire Hathaway chairman with emotional letter to shareholders
Warren Buffett is stepping down as chairman of Berkshire Hathaway after more than 60 years at the US investment giant.
The 96-year-old became a household name for millions of investors globally after making tens of billions of dollars while running the firm.
Mr Buffett, nicknamed the Oracle of Omaha, will take over an honorary role as chairman emeritus of the firm.
His son Howard will replace him as Berkshire Hathaway chairman, the company said.
“I have served Berkshire since 1965,” Mr Buffett said in a letter to shareholders. “Sixty-plus years in, I still have the best job in the world. That is not something many people my age can say and I have never felt better about what comes next.”
Last year, Mr Buffett stepped down as chief executive of the company and was succeeded by Greg Abel.
He added: “Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet.
“Think of Howard as a policy the shareholders own and hope never to claim against.”
Mr Buffett bought Berkshire Hathaway in 1965 before transforming the textile firm into a multinational conglomerate with a raft of successful investments.
The company currently owns significant stakes in firms including Apple, American Express and Coca-Cola.
Buffett’s fortune has been amassed through Berkshire Hathaway stock and was worth more than $140 billion (£105 billion) in July.
He said in his letter: “No company has been or will be more shareholder-minded than Berkshire.
"Serving as your chairman has been the privilege of a lifetime, and I have never taken your trust for granted. Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.
"The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”
CEO Greg Abel said: “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 remain at the heart of Berkshire.”