Warren Buffett takes another step back from Berkshire HathawayAt 96, the famous American investor leaves the presidency of the holding and becomes president emeritus, remaining on the board of directors. His son takes his place. Howard Graham Buffett, 71 years.
It is the last step of a succession already started at the beginning of the year, when Greg Abel He took over as CEO, and management of the company was handed over to him. With the change in chairmanship, the transition at the top of Berkshire Hathaway is complete.
In a letter sent to shareholders on Friday, the Oracle of Omaha accompanied the announcement with a phrase that summed up the moment: "Father Time always wins. He has, however, been generous with me."
So far, the market has reacted without any shocks: the title Berkshire Hathaway opened little changed, down 0,15%.
Warren Buffett steps down as chairman of Berkshire Hathaway
Buffett's retirement doesn't come as a complete surprise. A few months ago, he announced his intention to retire after more than sixty years at the helm of Berkshire Hathaway. The decision, however, attracted considerable attention, especially since Buffett had long ruled out the idea of relinquishing his leadership of the company before his death.
Son Howard knows the holding well: it is in the board of directors since 1993 and has followed much of its recent history from within. He was also a member of the board of Coca-Cola, one of Berkshire's historic holdings.
Compared to his father, however, he has followed a very different path. A farmer and photographer, he has been leading the Howard G. Buffett Foundation, primarily active in food security, conflict, and humanitarian initiatives. She is also a director of one of the three foundations to which Warren Buffett has donated his wealth.
His appointment thus brings to the presidency a figure from the Buffett family who has long been involved in the company's governance, while management remains entrusted to Abel. The CEO welcomed the choice, emphasizing "the care, discipline, and deep knowledge of Berkshire."
What Happens to Berkshire Hathaway After Buffett
The change at the top comes at a time when Berkshire Hathaway has grown to the size of a large global conglomerate, with activities ranging from insurance to energy, from infrastructure to financial investments.
Il stock portfolio of the company is worth over 300 billion dollars , capitalization of the market has exceeded 1.000 billionMajor holdings include Apple, Alphabet, Google's parent company, Bank of America, and American Express. It is also through investments of this type that Berkshire Hathaway has built its influence on the financial markets. Among its most notable holdings was also that in BYD, the Chinese automotive group that has become one of the world's leading manufacturers of electric cars.
