Warren Buffett steps down as chairman of Berkshire Hathaway: made chairman emeritus; His son Howard Buffet will take charge of the board.

American investor Warren Buffet has resigned from the post of chairman of Berkshire Hathaway with immediate effect. The company said on Friday, September 18 that Buffett will now play the role of Chairman Emeritus. However, he will remain on the company’s board of directors.

Under the company’s long-planned succession plan, the board has elected Warren Buffett’s son Howard Buffett as the new chairman. Greg Abel will remain as Chief Executive Officer and Suzanne Decker as Lead Independent Director.

Warren’s contribution cannot be compared

On behalf of the Berkshire board, CEO Greg Abel said Warren’s contribution to Berkshire and its shareholders is unmatched in the history of American business.

Abel further said that the culture and values ​​created by Warren will remain the focus of the company and Howard Buffett will work to carry it forward.

Howard Buffett has been on Berkshire’s board since 1993.

Howard Buffett has been on the board of Berkshire as a director since 1993. Since 1999, he has led the Howard G. Buffett Foundation, which works on global food security and conflict resolution.

Howard has served on the boards of several public and private companies and has also been a Goodwill Ambassador Against Hunger for the United Nations World Food Program for nearly a decade.

Warren Buffett resigned from the post of CEO 9 months ago

Earlier, Warren Buffet had resigned from the post of CEO of Berkshire Hathaway on December 31. Buffett considers buying the company which made him the 10th richest person in the world as the ‘biggest mistake’ of his life.

Buffett bought this company not for any business deal, but out of anger. At the same time, on retirement, Buffett had once said that it was impossible to even think about this. For me it would be worse than death.

What is Chairman Emeritus?

It is an honorable title given to the former chairman or founder of a company for his extraordinary contributions. The person in this role does not have executive powers, but can attend company meetings and provide guidance.

Warren Buffett took control of Berkshire Hathaway in 1965. Under his leadership, a simple textile company transformed into a global consumer and financial company with a valuation of more than $1 trillion.

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