Berkshire Hathaway said on Friday (Sep 18) that Warren Buffett will step down as chairman and become chairman emeritus, effective immediately, nine months after handing the CEO reins to longtime lieutenant Greg Abel.
The company named his son, Howard Buffett, a director since 1993, as chairman.
Warren Buffett is credited with transforming Berkshire from a failing textile company into a US$1.1 trillion conglomerate while building an investment philosophy that influenced generations of investors and executives, making him one of the most consequential figures in modern corporate America.
Berkshire’s Class B shares were last down 0.3 per cent in premarket trading. Buffett’s reputation has also been reflected in the company’s valuation, with investors for years ascribing a “Buffett premium” to its shares.
Reuters
