Warren Buffett steps down after six decades at Berkshire - 'Father Time always wins'
Since taking control in 1965, Buffett grew a struggling textile mill into a global conglomerate.
Warren Buffett has stepped down as chairman of Berkshire Hathaway, handing over leadership to his son Howard in the final chapter of a long-planned transition at the US business giant.
At 96, the world-famous investor will move into an advisory role as chairman emeritus and remain on the company board to offer his "judgement and perspective", according to a letter to shareholders, external.
The decision comes nine months after Buffett passed the chief executive role to Greg Abel, with his son, Howard, who has been a director since 1993, taking over non-executive board duties.
Buffett has made his mark through "value investing" – a strategy focused on finding companies with solid fundamentals, buying them at fair prices, and holding them for decades.