![](\"https:\/\/static.foxbusiness.com\/foxbusiness.com\/content\/uploads\/2018\/11\/Warren-Buffett.jpg\")
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Gradient Investments senior portfolio manager Tyler Ellegard discusses the state of A.I. chips stocks and more on ‘The Claman Countdown.’<\/p>\n
Legendary investor Warren Buffett is stepping down as chairman of Berkshire Hathaway, the company said on Friday.<\/p>\n
“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Buffett, who was named chairman emeritus, said in a letter to shareholders. “Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”<\/p>\n
Berkshire Hathaway CEO Warren Buffett speaks during an interview on FOX Business Network. (FOX Business Network)<\/p>\n
Buffett’s son, Howard Buffett, will become chairman of the board, effective immediately. He has been a Berkshire director since 1993.<\/p>\n
Buffett’s son, Howard Buffett, will become chairman of the board, effective immediately. (Stanislav Ivanov\/Global Images Ukraine via Getty Images)<\/p>\n
“Howard will guard its culture and values \u2013 both worth more than anything on our balance sheet,” Buffett said. “Think of Howard as a policy the shareholders own and hope never to claim against.”<\/p>\n
Buffett has served Berkshire since 1965 and stepped down as CEO earlier this year. He was succeeded by Greg Abel, who was the vice chairman of non-insurance operations.<\/p>\n
The 94-year-old billionaire has helmed Berkshire Hathaway for 60 years. (Credit: X \/ @HiddenGemsInves and X \/ @DrParsaSalehi)<\/p>\n
“Warren\u2019s impact on Berkshire and its owners is without parallel in the history of American business,” Abel said in a statement. “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”<\/p>\n
Buffett became known as the “Oracle of Omaha” for his investing success as well as his folksy wisdom and modest lifestyle.<\/p>\n
Ticker Security Last Change Change % BRK.B BERKSHIRE HATHAWAY INC. 509.20 -10.60
\n -2.04%
\n BRK.A BERKSHIRE HATHAWAY INC. 763,935.95 -16,361.24
\n -2.10%<\/p>\n
He was a disciple of Benjamin Graham, the economist and his former professor, stressing the importance of company fundamentals and not overpaying for assets.<\/p>\n
Warren Buffett has served Berkshire since 1965. (Daniel Zuchnik\/WireImage)<\/p>\n
Known for his long-term strategy and focus on buying high-quality businesses at reasonable prices, Buffett delivered steady gains that outpaced broader markets, making him a trusted steward of capital.<\/p>\n
Buffett’s net worth is valued at $145 billion as of Friday, according to Bloomberg’s Billionaires Index.<\/p>\n
Reuters contributed to this report.<\/p>\n
#Berkshire #Hathaway #announces #Warren #Buffett #step #chairman<\/p>\n","protected":false},"excerpt":{"rendered":"
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