Buffett retires after half-century as Berkshire Hathaway chair

Billionaire investor Warren Buffett will no longer lead Berkshire Hathaway as chairman after more than 55 years in the role, the company shared on Friday. He planned to take the title of chairman emeritus and remain on the trillion-dollar holding company’s board of directors. In his place, the board elected Buffett’s son, Howard, who served as a company director for over 30 years.

Berkshire Hathaway is known for owning a wide range of companies, including Geico Insurance, Duracell, and Dairy Queen. It is also involved in real estate markets across the country. In 2008, Forbes magazine ranked him the richest man in the world.

Buffett, dubbed the Oracle of Omaha, began serving as company chairman in 1970. The 96-year-old in July shared his plan to dispose of all his Berkshire Hathaway shares within the next eight years. He cited his advanced age as a reason and expected his children to donate his remaining shares across four foundations by the end of 2034, according to the July statement.

What has been Buffett’s legacy?

• Buffett's impact on the history of American business remained unparalleled, according to Berkshire Hathaway CEO Greg Abel. Howard Buffett will guard the values and company culture that Warren built, he added.

• In a letter to stockholders, Warren Buffett himself wrote: “Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”

• The Israel Heritage Foundation on Friday characterized Buffett as a great American and a genuine friend to Israel. Buffett recognized Israel as the most promising investment hub outside the United States and invested in its energy and dynamism, the group said.