Warren Buffett Steps Down as CEO Effective Immediately After More Than 60 Years

A Shock on Wall Street

Warren Buffett is stepping back further after more than six decades at the helm of Berkshire Hathaway. The 96-year-old announced his resignation as chairman of the U.S. conglomerate on Friday, effective immediately.

Buffett will, however, remain on the board of directors. While this means he is stepping down from another key leadership role, he will not be leaving the company—which he has shaped since 1965—entirely.

“Time always wins”

In a statement from the company, Buffett looks back on his long career. “Time always wins,” he writes as he steps down as chairman.

At the same time, Buffett is confident about the future of Berkshire Hathaway. He says time has been kind to him and has enabled him to lead the company to a point where he is more optimistic than ever before.

The succession plan is already in place. Buffett’s son, Howard Buffett, will assume the role of chairman as planned. Greg Abel, who was appointed CEO some time ago, will be responsible for day-to-day operations. Buffett describes the division of roles as follows: “Greg will lead the company; Howard will safeguard its culture and values.”

Shaping the company since 1965

Buffett took over Berkshire Hathaway in 1965 and, over the course of several decades, transformed what was then a textile company into a globally renowned conglomerate.

With his resignation as chairman, another chapter of the Buffett era has now come to a close. However, the investor isn’t stepping away entirely just yet: he will retain his seat on the board of directors.

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