Warren Buffett has stepped down as Chairman of Berkshire Hathaway after more than five decades in the role.
The 96-year-old has been named Chairman Emeritus and will remain on the company’s board, while his son, Howard G. Buffett, takes over as chairman.
Greg Abel remains CEO, continuing to oversee Berkshire’s day-to-day operations.
Buffett first took control of Berkshire in 1965 and transformed it from a struggling textile company into one of the world’s largest conglomerates.
A new era begins at Berkshire Hathaway.
