Buffett steps down as Berkshire chairman

BlockBeats news, September 18: Legendary investor Warren Buffett, 96, announced in a letter to shareholders on Friday that he will step down as chairman of Berkshire Hathaway (BRK.A.N, BRK.B.N). The company separately stated that Buffett will assume the role of honorary chairman effective immediately while remaining a member of the board.

Under a long-established succession plan, his son Howard Buffett will succeed him as chairman, and Susan Decker will continue as lead independent director. The decision comes about nine months after Greg Abel took over as chief executive officer while Buffett retained the chairman position. In a company statement, Abel said: "The culture Warren built and the values he championed will always be at the core of Berkshire, and Howard will be the guardian of those values."