Legendary investor Warren Buffett is stepping down as chairman of Berkshire Hathaway, the company said on Friday.
“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Buffett 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.”
Buffett’s son, Howard Buffett, will take over, effective immediately.
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