"Time always wins": Warren Buffett steps down as Berkshire Hathaway chairman effective immediately

Warren Buffett, aged 96, announced his immediate resignation as chairman of Berkshire Hathaway. His son, Howard Buffett, will succeed him as chairman, while Greg Abel continues as CEO. Buffett will become chairman emeritus and remain a director. In his statement, Buffett wrote that "time always wins" but expressed confidence in the company's future. The stock has risen 1% since the start of the year, compared to an 11% surge in the S&P 500.

Legendary investor Warren Buffett, aged 96, announced his immediate resignation as chairman of Berkshire Hathaway, the trillion-dollar conglomerate he has led since 1965. Buffett will become chairman emeritus and remain a director of the company. His son, Howard Buffett, will replace him as chairman, as outlined in a long-standing succession plan. Susan Decker will continue as lead independent director. Greg Abel, who became CEO about nine months ago, stated that "the culture Warren built and the values he championed will continue to be at the heart of Berkshire." Buffett wrote in his announcement: "Time always wins. Yet it has been generous to me. It gave me the opportunity to see Berkshire reach a point where I am more confident than ever in what lies ahead." Buffett's legacy is unprecedented: at age 34, he took over a failing textile mill and turned it into a financial empire with an operating profit of $44.5 billion last year and about 400,000 employees. During his tenure, Berkshire achieved an average annual return of 19.7%—nearly double the S&P 500 index. However, Berkshire's stock has risen only 1% this year compared to an 11% jump in the index, and the resignation raises the bar for Abel. The company's cash reserves total $365.5 billion.