Warren Buffett steps down as Berkshire Hathaway chairman

Billionaire and legendary investor Warren Buffett announced in a letter to shareholders that he is stepping down as chairman of Berkshire Hathaway. In his letter, Buffett acknowledged the passage of time, stating that the company is in excellent hands, and confirmed he will remain with the firm as chairman emeritus and a member of the board of directors. Under a long-standing succession plan, his son, Howard Buffett, will assume the role of chairman. This transition follows Buffett's decision several months ago to hand over the CEO responsibilities to his hand-picked successor, Greg Abel. Over six decades, Buffett transformed Berkshire Hathaway from a struggling textile manufacturer into one of the world's most successful conglomerates. Greg Abel, 64, is now tasked with guiding the massive organization through a new era of growth, even as the company faces challenges in finding significant acquisition targets due to its immense size.