Berkshire Hathaway said on Friday that Warren Buffett, its former CEO and the world's most revered investor, has been named chairman emeritus, effective immediately.
"Father Time always wins. He has, however, been generous with me," Buffett, 96, wrote in a letter to shareholders.
Warren Buffett
(Photo: Nati Harnik, AP)
The conglomerate named his son, Howard Buffett, a Berkshire director since 1993, as chairman.
"As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective," Berkshire said in a statement.
Buffett transformed the company from a struggling textile business into an investment giant worth more than $1 trillion.
Known for his long-term strategy and focus on buying high-quality businesses at reasonable prices, Buffett delivered steady gains that outpaced broader markets, making him a trusted steward of capital.
Earlier this year, he stepped down as CEO of Berkshire, handing the reins to his longtime lieutenant Greg Abel.
"The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian," Abel said in a statement.