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(Sharecast News) - Renowned investor Warren Buffett has stepped down as chairman of Berkshire Hathaway at the age of 96, completing a leadership transition at the US conglomerate after more than six decades at its helm.
Berkshire said on Friday that Buffett had been named chairman emeritus with immediate effect but would remain on the board of directors and continue to provide his "judgment and perspective".
His son, Howard G Buffett, who has been a Berkshire director since 1993, has been elected chairman, while Greg Abel remains chief executive, having taken over the role previously held by Warren Buffett.
In a letter to shareholders, Buffett said Abel had "exceeded" the high expectations he had held for him and had been making the company's key decisions "for some time now".
"So the timing is right to complete the transition," Buffett said. "I will become chairman emeritus and remain a director. My son, Howard, will succeed me as chairman."
He added that Abel would continue to run Berkshire, while Howard would guard its "culture and values", which he described as worth more than anything on the company's balance sheet.
Buffett, who recently celebrated his 96th birthday, said serving as chairman had been "the privilege of a lifetime", adding: "The company is in excellent hands, and I look forward to remaining a shareholder alongside you."
Berkshire Hathaway traces its origins to the US textile industry, with Berkshire Fine Spinning Associates and Hathaway Manufacturing merging in 1955. Buffett began buying shares in the struggling textile company in 1962 and took control in 1965.
Under his leadership, Berkshire was transformed into one of America's largest and most diverse conglomerates, spanning insurance and reinsurance, energy, railways, manufacturing, services and retail, alongside a vast investment portfolio.