Berkshire Hathaway has named Warren Buffet as Chairman Emeritus as he steps down as chairman of the company, with immediate effect.
"Berkshire Hathaway Inc. today announced that Warren E. Buffett has been named Chairman Emeritus, effective immediately, in recognition of his extraordinary contributions to Berkshire and its owners," the company said in a press release.
As Chairman Emeritus, Buffett will serve as a member of the Board of Directors. In lines with company's long-standing succession plan, the Board has elected Howard Buffett, a Berkshire director since 1993, as Chairman of the Board, while Susan Decker will continue to serve as Lead Independent Director.
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In a letter to shareholders, Warren Buffet wrote, "the timing is right to complete the transition. I will become Chairman Emeritus and remain a Director. My son, Howard, will succeed me as Chairman."
Speaking on Buffet's contributions, Greg Abel, Berkshire Hathaway CEO, said, “Warren's impact on Berkshire and its owners is without parallel in the history of American business. The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."
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