▲ Warren Buffett, Honorary Chairman of Berkshire Hathaway
Legendary American investor Warren Buffett, 96, has stepped down as chairman of Berkshire Hathaway, the investment firm he built, after 56 years.
According to Reuters and the Associated Press on the 17th (local time), Berkshire announced in a statement that Buffett has stepped down as chairman and has been appointed as honorary chairman.
Berkshire stated, "Buffett will remain on the board of directors as honorary chairman, continuing to provide his valuable judgment and perspective."
Buffett's son, Howard Buffett, has been appointed as the new chairman.
With this, Buffett is stepping down from the position 56 years after taking office as Berkshire's chairman in 1970.
Following his departure as chief executive officer (CEO) of Berkshire effective January 1 of this year, he has now also stepped down from the chairmanship.
Born in 1930 and turning 96 this year, Buffett stated in a separate letter sent to shareholders, "No one can beat the passage of time, but Father Time has been generous to me."
Buffett is a legendary investor who acquired Berkshire, a failing textile company, and grew it into an investment firm with a market capitalization of over 1 trillion dollars. He is also known as the "Sage of Omaha" (where Berkshire is based).
(Photo: AP, Yonhap News)
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