End of an era: Warren Buffett steps down as Berkshire Hathaway chairman

Warren Buffett stepped down as the chairman of Berkshire Hathaway on Friday (September 18), a position he had held since 1970. At the end of last year, he also ended his decades-long tenure as CEO of the company. Buffett, 96, will remain on the board to serve as Chairman Emeritus. His son, Howard, a board member since 1993, will take over the role as chairman of Berkshire Hathaway.

Widely referred to as the "Oracle of Omaha," Buffett transformed Berkshire into one of the most valuable companies on the planet by applying his approach to value investing, consistently outpacing the broader market over the years. Along the way, he rose to become the world's 10th wealthiest individual and one of its most prominent philanthropists. As of today, Bloomberg's Billionaire Index pegs his net worth at $145 billion.

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In a Friday letter to Berkshire shareholders, Buffett explained that part of his decision to step back stems from CEO Greg Abel having surpassed his expectations. He also touched on his age in the letter, noting with a touch of humour that his one-year-old great-grandson "is moving a bit faster than I am these days." “Father Time always wins,” he wrote. “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.”