By MICHELLE CHAPMAN, AP Business Writer<\/p>\n
Warren Buffett is stepping down as chairman of\u00a0Berkshire Hathaway<\/a>\u00a0after serving in the role at the conglomerate for more than 50 years.<\/p>\n Buffett, 96, will become chairman emeritus and will take on his new role immediately, the company said Friday. His son, Howard, will become Berkshire Hathaway\u2019s new chairman, part of a long-planned succession. Howard Buffett has been on the Berkshire Hathaway board since 1993.<\/p>\n Warren Buffett will remain a director. He had served as Berkshire Hathaway\u2019s chairman since 1970.<\/p>\n Greg Abel took over for Buffett as the CEO of the $1 trillion conglomerate to start the year, but Buffett remains one of the most influential investors in the world.<\/p>\n \u201cI have served Berkshire since 1965,\u201d Buffett said in a letter to shareholders. \u201cSixty-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.\u201d<\/p>\n Buffett<\/a>\u00a0said that he is confident with\u00a0Abel<\/a>\u00a0and his son Howard leading Berkshire Hathaway.<\/p>\n \u201cGreg runs the company; Howard will guard its culture and values \u2013 both worth more than anything on our balance sheet,\u201d he said. \u201cThink of Howard as a policy the shareholders own and hope never to claim against.\u201d<\/p>\n Buffett\u2019s fortune has been amassed through Berkshire Hathaway stock. It was worth more than $140 billion in July 2026.<\/p>\n He has already given away roughly $66 billion worth of stock since 2006.<\/p>\n Buffett has built a devoted following and when Berkshire Hathaway reveals the stocks that the company has acquired or sold in public disclosures, it can shake markets.<\/p>\n During his time as CEO of Berkshire Hathaway, the company nearly doubled the returns of the S&P 500, with a 19.9% compounded annual growth rate compared with the index\u2019s 10.4% gain.<\/p>\n \u201cWarren\u2019s impact on Berkshire and its owners is without parallel in the history of American business,\u201d Abel said in a prepared statement. \u201cThe culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"By MICHELLE CHAPMAN, AP Business Writer Warren Buffett is stepping down as chairman of\u00a0Berkshire Hathaway\u00a0after serving in the…\n","protected":false},"author":2,"featured_media":467892,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[86114,184242,184243,74,76,75,15531,184241],"class_list":["post-467891","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-diego","tag-berkshire-hathaway","tag-berkshire-hathaway-chairman","tag-howard-buffett","tag-san-diego","tag-san-diego-headlines","tag-san-diego-news","tag-warren-buffett","tag-warren-buffett-steps-down"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/467891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=467891"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/467891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/467892"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=467891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=467891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=467891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}