Buffett was named chairman emeritus. His oldest son Howard Buffett, 71, has become the non-executive chairman. Howard has been a director since 1993.
Warren Buffett transformed Berkshire from a failing New England textile company into a USD 1.1 trillion conglomerate and is popularly known as “Oracle of Omaha”.
“Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one. He’s moving a bit faster than I am these days,” Buffett said in his letter to shareholders.
“I have served Berkshire since 1965. Sixty-plus years in, I still have the best job in the world. That is not something many people my age can say, and I have never felt better about what comes next,” he said.
“Howard has been a Berkshire Director for 33 years. That is a longer apprenticeship than I served before taking the reins at the age of 34. Howard will guard its culture and values – both worth more than anything on our balance sheet. Think of Howard as a policy the shareholders own and hope never to claim against,” Buffett said.
“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,” he said.
