Multibillionaire Warren Buffett is stepping down as chairman of Berkshire Hathaway, a position he has held since 1970, the company said in a statement. The vacant seat will be filled by his son Howard, who has been a director of Berkshire since 1993. Warren Buffett himself does not resign from the board of directors.
“In recognition of his outstanding contributions,” the 96-year-old investor becomes chairman emeritus “effective immediately,” the statement said.
“Warren's influence on Berkshire and its owners is unmatched in American business history. The culture Warren created and the values he stood for will remain at the core of Berkshire, and Howard will be their custodian,” Berkshire CEO Greg Abel said in a statement.
Warren Buffett has gained fame as a “seer” in the stock market, his nickname is “the Oracle of Omaha” (this is the city in Nebraska where he was born). The future billionaire began investing as a teenager, and in 1965 he bought a controlling stake in Berkshire Hathaway, which at that time produced textiles, but eventually became the foundation of his investment activities.
According to Fobes, Buffett's net worth is $144.7 billion, making him one of the richest people in the United States and the world. His investment portfolio includes shares of companies such as Apple, American Express, Coca-Cola, Alphabet and Bank of America.
Last year, Buffett announced he was stepping down as CEO of Berkshire Hathaway, which was replaced by Abel.
