Warren Buffett, 96, steps down as Berkshire Hathaway chairman

Berkshire Hathaway said on Friday that Warren Buffett will step down as chairman and become chairman emeritus, effective immediately, nine months after handing the CEO reins to longtime lieutenant Greg Abel. The company named his son, Howard Buffett, a director since 1993, as chairman.Warren Buffett is credited with transforming Berkshire from a failing textile company into a US$1.1 trillion conglomerate while building an investment philosophy that influenced generations of investors and executives, making him one of the most consequential figures in modern corporate America.“As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective,” Berkshire said in a statement.A chairman emeritus is typically an honorary title given to a retired board leader or company founder to recognize their past service and lasting impact. Story continues below advertisement Shares of the company were broadly unchanged in premarket trading. Buffett’s reputation has also been reflected in Berkshire’s valuation, with investors for years ascribing a “Buffett premium” to its shares.The conglomerate’s price-to-book value has f...