Stock market today: Dow, S&P 500, Nasdaq slip as oil prices rise
Warren Buffett, 96, will step down as chairman of Berkshire Hathaway’s board, effective immediately, Berkshire said Friday.
“Father Time always wins,” Warren Buffett wrote in a letter to 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. The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”
Buffett has been named chairman emeritus, and his son, Howard G. Buffett, will take over as board chair, as planned.
Yahoo Finance’s Brian Sozzi reports:
Board life will now look much different for Howard, who has a striking resemblance to his legendary investor dad.
And Howard Buffett knows the transition will change his life, which has long consisted of frequent world travel for philanthropic ventures alongside a daily routine of being a farmer who tills his own land.
“I’ve been to 155 countries or something. And I’m on the road a lot. I’ve been in Ukraine five times in 2022. And the same thing, five times in 2023 and probably four or five times this year. So those are trips I won’t make,” Buffett told Yahoo Finance in a 2024 interview.
Buffett, 71, is seen as the “guardian” of the unique Berkshire culture that his father and longtime lieutenant Charlie Munger created over the decades. The business itself is a beast, requiring expert planning and oversight by the Berkshire board.