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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. <\/b><\/p>\n
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<\/span><\/a>. <\/p>\n 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. <\/p>\n Known as the “Oracle of Omaha,” Buffett built one of the most successful investment track records<\/a> in modern history. <\/p>\n He took control of Berkshire Hathaway in 1965 when it was a struggling New England textile mill and turned it into a $1.1 trillion (\u00a3822b), global conglomerate. <\/p>\n Today, the business owns a wide range of well-known brands including GEICO car insurance, Dairy Queen, and BNSF railway system. It also owns large stakes in companies like Apple and Coca-Cola \u2013 a brand close to Buffett’s heart, as he famously drinks five cans a day. <\/p>\n Buffett has made his mark through “value investing” \u2013 a strategy focused on finding companies with solid fundamentals<\/a>, buying them at fair prices, and holding them for decades. <\/p>\n His annual letters to shareholders and festival-like annual meetings turned him into a leading mentor across the financial world<\/a>. <\/p>\n