Warren Buffett released a farewell letter announcing he is stepping down as Chairman of Berkshire Hathaway effective immediately, moving into the role of Chairman Emeritus. Buffett, who celebrated his 96th birthday recently, had held the Chairman role since 1970. His son Howard Buffett, who has served on Berkshire Hathaway's board for 33 years, has succeeded him as Chairman. In the letter, Buffett offered the four-word piece of investment advice that anchors his philosophy: "Father Time always wins." He added that Father Time "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."
Berkshire Hathaway IncWarren Buffett steps down as Chairman effective immediately, with son Howard succeeding him; leadership transition with no stated financial or operational driver.
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