Berkshire Hathaway: Warren Buffett hands over the chairmanship to his son Howard

(Il Sole 24 Ore Radiocor) - Warren Buffett is stepping down as chairman of the board of directors at Berkshire Hathaway; his son Howard will take his place. As stated in a company announcement, Warren Buffett becomes Chairman Emeritus with immediate effect, ‘in recognition of his extraordinary contribution to Berkshire and its shareholders’. Furthermore, as Chairman Emeritus, Buffett ‘will remain a member of the board of directors and will continue to offer his valuable judgement and perspective’. In line with the company’s succession plan, “the board has elected Howard G. Buffett – a director of Berkshire since 1993 – to the position of chairman”, whilst “Susan L. Decker will continue to serve as Lead Independent Director”.

“Warren’s impact on Berkshire and its shareholders is unrivalled in the history of American business. The culture Warren has built and the values he has upheld will remain at the heart of Berkshire, and Howard will be its guardian. We are grateful to Howard for the care, rigour and deep knowledge of Berkshire that he will bring to his new role, and to Sue Decker for her steadfast leadership and valuable contribution as Lead Independent Director,” said Berkshire Hathaway Chief Executive Greg Abel, on behalf of the entire board of directors.