According to CNBC, the legendary 96-year-old investor Warren Buffett announced in a letter to shareholders on Friday that he will step down as Chairman of Berkshire Hathaway. The company also issued a statement saying that Buffett will assume the role of Honorary Chairman effective immediately, while continuing to serve as a member of the Board of Directors. Under the long-standing succession plan, his son Howard Buffett will succeed him as Chairman, and Susan Decker will remain the Lead Independent Director.
This decision was made about nine months after Greg Abel succeeded as CEO, with Buffett retaining the position of Chairman. In a statement released by the company, Abel said, "The culture Warren has built and the values he champions will always remain at the heart of Berkshire, and Howard will be the guardian of those values."