Warren Buffett is stepping down as chairman of Berkshire Hathaway, after more than 60 years guiding the firm that turned him into a household name for millions of investors worldwide.
\n\nBuffett was named chairman emeritus effective immediately, with his son Howard G. Buffett taking over as chairman, Berkshire said in a statement Friday.
\n\n“As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective,” Berkshire said.
\n\nThe announcement comes just eight months after Buffett stepped down as CEO of the conglomerate he built into a trillion-dollar company. He was replaced as CEO by Greg Abel, his longtime lieutenant. At the time, the company had said that Buffett planned to hold onto the chairman title.
\n\n“Father Time always wins,” Buffett wrote Friday in a letter to Berkshire’s shareholders. “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.”
\n\nNow 96, Buffett had still appeared in interviews with CNBC as recently as July. However, his voice sounded weak of late.
\n\nBuffett noted in the letter that he has “served…
Original source: https://www.nbcnews.com/