Warren Buffett Steps Down as Berkshire Hathaway Chairman
Warren Buffett has stepped down as chairman of Berkshire Hathaway. He led the company for more than 50 years.
His departure took effect immediately. He is now chairman emeritus.
He remains a company director. Buffett's son Howard Buffett will replace him as chairman.
This follows a long-standing succession plan. Howard Buffett has been a Berkshire director since 1993.
Greg Abel continues as Berkshire Hathaway's CEO. Buffett left the CEO role earlier this year. In a letter to shareholders Buffett said "Father Time always wins."
Klear Note — A succession plan sets who takes over when a company leader leaves.
Key Terms 4
- Berkshire Hathaway A large US company that owns many businesses and investments.
- chairman emeritus An honorary title for a former leader who keeps some involvement.
- succession plan A prepared plan for who takes over a leadership role.
- Greg Abel The current chief executive officer of Berkshire Hathaway.