Warren Buffett Steps Down as Berkshire Hathaway Chairman

Warren Buffett, the 10th-richest person in the world, has stepped down as chairman of Berkshire Hathaway, and was named chairman emeritus, while his son Howard Buffett was elected chairman of the conglomerate's board, Forbes reported.

Warren Buffett has stepped down as chairman of Berkshire Hathaway at age 96, with his son Howard Buffett succeeding him as chairman. [Photo: Gates Notes]

Buffett, 96, will remain a Berkshire director and continue to offer his judgment and perspective. His 71-year-old son, Howard, succeeds him as non-executive chairman.

“I have served Berkshire since 1965,” Buffett told shareholders in a letter. “Sixty-plus years in, I still have the best job in the world. This is not something many people my age can say, and I have never felt better about what comes next.”

Buffett said the timing was right to complete Berkshire's leadership transition.

Greg Abel, who succeeded Buffett as chief executive officer earlier this year, will continue to run the company, while Howard Buffett will focus on preserving Berkshire's culture and values.

Berkshire owns businesses in sectors including insurance and energy and operates restaurant chain Dairy Queen. It also holds investments in companies including Apple, Coca-Cola and Chevron.

According to Forbes, Buffett's estimated net worth was $144.7 billion, making him the world's 10th-richest person on its Real Time Billionaires list.

Buffett grew up in Omaha, Nebraska, where Berkshire Hathaway is headquartered.

Known as the “Oracle of Omaha,” he has cultivated a folksy public image and is well known for his fondness for American staples such as McDonald's breakfasts and Dairy Queen sundaes.