End of an era, Warren Buffett steps down as Berkshire’s chairman

Berkshire Hathaway announced Friday that Warren Buffett, 96, has stepped down as Chairman and been named chairman emeritus, effective immediately.

“I have served Berkshire since 1965,” Buffett commented 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.”

Howard Buffett, who has served as a Berkshire director since 1993, succeeds his father in the role. Susan L. Decker will continue as Lead Independent Director. Howard Graham Buffett, born in 1954, is Warren Buffett’s middle child and second son.

“Howard has been a Berkshire Director for 33 years,” Buffett said. “That is a longer apprenticeship than I served before taking the reins at the age of 34. 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.”