Warren Buffett Steps Down as Berkshire Chairman at 96, Names Son Howard to Replace Him
Warren Buffett Steps Down as Berkshire Chairman, Names Son to Replace Him
Berkshire Hathaway announced Friday that Warren E. Buffett, who turned 96 on Aug. 30, is stepping down as chairman and becoming chairman emeritus effective immediately, remaining on the board. His son, Howard G. Buffett, will take the chairman's seat. In a letter to shareholders, Buffett called serving as chairman "the privilege of a lifetime" and said he never took their trust for granted.
"Father Time always wins. He has, however, been generous with me."
- rib3ye
- dugmartin
I guess Warren’s quote only applies to other people, not him. "It’s like choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics." (https://www.nytimes.com/2001/02/14/us/dozens-of-rich-america...)
- keiferski
Buffett has been planning this since at least 2011:
CHICAGO (MarketWatch) -- Warren Buffett has told the CBS News program "60 Minutes" that after he dies, he wants his son to become non-executive chairman of Berkshire Hathaway. Howard Buffett, a farmer with no college degree, would be a good successor, the elder Buffett said, because he understands the values of the company.
http://www.marketwatch.com/story/warren-buffett-wants-farmer...
- hn9zmdcaou
Sat on a couple of boards and the non exec chair mostly just guards the culture and can fire the CEO. Abel runs the business. That's a very different job from Howard's.
- gorfian_robot
Berkshire HQ has exactly 27 people. so I think those comments about culture are spot on. but the issue of "what would walt/steve/warren do?" will eventually bite you in the ass.
- lvl256
A legend through early 2000s. The game changed starting 2013-14 and he never adjusted. Bailed or undervalued a bunch of tech names that could have yield 2-3x his actual return. Recent example is them bailing on TSM because of Chinese invasion fears.
- BennyBallTC
Many people do not know this but he still holds the stock that he first bought as a 13y old. It is now worth 8+ figures!
- frozenseven
Instantly reminded me of this:
https://www.youtube.com/watch?v=_67JbvXLrmw
(I'm not hating on Buffet/Berkshire)