Warren Buffett steps down as Berkshire Hathaway chairman

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Warren Buffett

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Influential billionaire investor Warren Buffett will step down as chairman of Berkshire Hathaway, the conglomerate announced Friday.

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The news brings to an end the revered investor’s more than half-a-century of running the group, which he turned into a financial behemoth.

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Buffett’s resignation is “effective immediately” and he will remain a member of the board of directors, Berkshire Hathaway said in a statement.

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Buffett’s son Howard Buffett will take over as chairman, the statement added.

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The 96-year-old had announced plans last year to retire from leading the business group.

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Berkshire Hathaway, a former small textile company, has grown over the years into a gigantic conglomerate under Buffett’s leadership, and is now worth over $1 trillion on Wall Street — a first for an American group outside the tech sector.

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Today, his conglomerate owns dozens of businesses, from Duracell batteries to US insurer Geico, and shares in carefully selected companies, from Coca-Cola to Bank of America.

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AFP

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