Billionaire Warren Buffett Steps Down As Berkshire Hathaway Chair

0:28This episode is brought to you by Indeed. Warren Buffett, the 10th richest person in the world, stepped down from his role as the chair of Berkshire Hathaway, the conglomerate announced, adding that his son Howard will take over as chair. In a statement shared with investors, Berkshire Hathaway said Buffett will be appointed as chairman emeritus of the company in, quote, recognition of his extraordinary contributions. The conglomerate also noted that the billionaire will remain on its board and continue to, quote, offer his value judgment and perspective. The company said the election of Howard Buffett as the new chair aligns with its longstanding succession plan.

1:07The move comes less than a year after the 96-year-old stepped down as Berkshire Hathaway's CEO. Greg Abel, who took over from Buffett as the conglomerate's CEO earlier this year, hailed his predecessor saying his impact on Berkshire is, quote, without parallel in the history of American business. The announcement was accompanied by a letter from Buffett to Berkshire Hathaway shareholders. In the letter, he talked about celebrating his 96th birthday with his family and mentioned his 60-plus years at the company. Buffett praised Abel saying, quote, My expectations for him were sky high from the start and he has exceeded them.

1:47He has taken hold of the chief executive officer job in every respect. He has been making the decisions that matter for some time now, and I have not had to think twice about any of them. For more on this story, check out the article at the link in the description.

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