Berkshire Hathaway Inc. announced today that Warren E. Buffett will step down as chairman effective immediately. Warren E. Buffett has been named Chairman Emeritus, effective immediately, in recognition of his extraordinary contributions to Berkshire and its owners.
As Chairman Emeritus, Mr. Buffett will stay on the Board of Directors and continue providing his valuable insights and advice.
In line with the company’s longtime succession strategy, the Board has appointed Howard G. Buffett, a Berkshire director since 1993, as Chairman. Susan L. Decker will remain as Lead Independent Director.
“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Warren Buffett wrote in a letter to shareholders. “Father Time always wins. He has, however, been generous with me. The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”
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 remain 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.”
By CEO NA Editorial Staff
