Warren Buffett steps down as Berkshire Hathaway chairman, a post he has held since 1970

Howard Buffett will chair the $1 trillion conglomerate as his father remains on its board in an advisory role. WASHINGTON, United States (AFP) -- Influential billionaire investor Warren Buffett will step down as chairman of Berkshire Hathaway, the conglomerate announced Friday. The news brings to an end the revered investor's more than half-a-century of running the group, which he turned into a financial behemoth.

Buffett's resignation is "effective immediately" and he will remain a member of the board of directors, Berkshire Hathaway said in a statement. Buffett's son Howard Buffett will take over as chairman, the statement added. The 96-year-old had announced plans last year to retire from leading the business group.

Berkshire Hathaway, a former small textile company, has grown over the years into a gigantic conglomerate under Buffett's leadership, and is now worth over $1 trillion on Wall Street -- a first for an American group outside the tech sector. Today, his conglomerate owns dozens of businesses, from Duracell batteries to US insurer Geico, and shares in carefully selected companies, from Coca-Cola to Bank of America. Warren Buffett will remain on the Berkshire Hathaway board but will be succeeded as chairman by his son, Howard Buffett.

Buffett, 96, will become chair emeritus and remain director as his son, Howard, will step in as company’s new chairWarren Buffett is stepping down as chair of Berkshire Hathaway after serving in the role at the conglomerate for more than 50 years.The 96-year-old will become chair emeritus and will take on his new role immediately, the company said Friday. Buffett’s son, Howard, will become Berkshire Hathaway’s new chair, part of a long-planned succession. Howard Buffett has been on the Berkshire Hathaway board since 1993.

Influential billionaire investor Warren Buffett will step down as chairman of Berkshire Hathaway, the conglomerate announced Friday. AFP The post Warren Buffett steps down as Berkshire Hathaway chairman appeared first on Vanguard News. Warren Buffett announced Friday he will step down as chairman of Berkshire Hathaway, the company he has led for over 60 years.

The billionaire investor, who recently turned 96, will remain on the company’s board as chairman emeritus. Buffett, as the next chair, effective immediately. Warren Buffett is stepping down as chairman of Berkshire Hathaway after serving in the role at the conglomerate for more than 50 years.