Kathmandu. Warren Buffett has resigned as chairman of Berkshire Hathaway, effective immediately. This completes a carefully planned leadership transition in the vast group he has built for more than 6 decades.
Buffett, now a 96-year-old investor, will become chairman emeritus and remain on the board as a director. His son, Howard Buffett, will take over as chairman.
In a letter to shareholders, Buffett said the timing was right. Regarding Howard Buffett’s work, he said, “You will protect the unique culture and values of Berkshire. ’
Howard has served on the Berkshire Board since 1993. This change has left day-to-day strategy and capital allocation firmly in Abel’s hands. Howard has focused on preserving the decentralized and long-term vision that defined the company under his father’s leadership.
Berkshire is one of the most significant forces in the global insurance industry. Its operations include GEICO, a large primary insurance group, and a substantial reinsurance business. Those entities continue to generate strong underwriting income. That provides the float that Buffett has long used for investment funds in the rest of the empire. –Agency
