Key facts
- Warren Buffett has stepped down as Chairman of Berkshire Hathaway.
- Howard Buffett, Warren Buffett's son, has been named the new Chairman.
- Warren Buffett will retain the title of Chairman Emeritus.
- Buffett's farewell letter included the phrase "Father Time always wins."
- Howard Buffett has been on Berkshire Hathaway's board for 33 years.
Warren Buffett has stepped down as Chairman of Berkshire Hathaway, effective immediately, according to a farewell letter released by the company. His son, Howard Buffett, who has been a member of Berkshire Hathaway's board for 33 years, has been appointed as the new Chairman. Warren Buffett will transition to the role of Chairman Emeritus. In his letter, Buffett, who recently celebrated his 96th birthday, included the phrase "Father Time always wins," reflecting on the inevitability of aging and its impact on his ability to lead the company. He also expressed confidence in the company's future and its culture and values, which he has tasked his son with guarding.