Warren Buffett, the legendary investor known as the "Oracle of Omaha," has stepped down as chairman of Berkshire Hathaway after 56 years. This move follows his decision earlier this year to pass the CEO role to Greg Abel, marking the effective completion of the company's management succession.
On September 17, Berkshire Hathaway announced in a statement that Buffett has immediately resigned from the chairman position and has been appointed as honorary chairman. The company stated, "Buffett will remain a member of the board and continue to provide his valuable judgment and perspective."
Buffett's son, Howard Buffett, has been appointed as the new chairman. Howard has served on the board since 1993 and will now lead the board in his father's stead.
This resignation comes just over eight months after Buffett transferred the CEO role to Abel on January 1. It marks the first time since he became chairman in 1970 that Buffett has stepped back from day-to-day management.
CEO Abel commented in a statement, "Warren's culture and the values he has upheld will continue to be at the heart of Berkshire. Howard will uphold these principles."
Buffett transformed Berkshire Hathaway from a struggling textile company into a global investment powerhouse with a market capitalization of $1.03 trillion. His "value investing" philosophy, which emphasizes the intrinsic value and long-term growth potential of companies, has significantly influenced investors worldwide.
As of July, Buffett's net worth was estimated to exceed $140 billion. Since 2006, he has donated approximately $66 billion worth of stock.
* This article has been translated by AI.
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