Investor legend resigns: Buffett gives up his last position

ap/dpa/rtr | US investor Warren Buffett is now withdrawing from the chairmanship of the board of directors of his financial and industrial conglomerate Berkshire Hathaway. The company announced the 96-year-old's resignation on Friday. Buffett hands over the chairmanship to his son Howard G. Buffett (71), who was chosen as his successor.

Buffett himself remains a member of the board of directors as “honorary chairman”. However, he will remain a member of the Board of Directors as “Chairman Emeritus” and will continue to provide “his valued opinion and viewpoint”.

At the turn of the year, the legendary investor had already withdrawn from day-to-day operations. Greg Abel, who had been responsible for central corporate areas for years, took over the management of the company.

Buffett is considered one of the most successful investors in history. Since the 1960s, he has built Berkshire Hathaway from a small textile company into one of the largest investment companies in the world - with investments in, among other things, insurance companies, energy suppliers, industrial companies and one of the largest US railway companies.

Buffett became rich primarily through long-term, value-oriented stock investments, such as in Coca-Cola, American Express or Apple. The multi-billionaire is considered one of the wealthiest people in the world.

His successor as chairman will be his son Howard, who has been a member of Berkshire Hathaway's board of directors since 1993. Howard Buffett has also headed a foundation named after him since 1999, which strives for global food security and conflict resolution.

“Warren’s impact on Berkshire and its owners is unparalleled in the history of American business,” said Abel. “The culture and values ​​Warren created will continue to be at the heart of Berkshire, and Howard will be its steward.”