Warren Buffett transitions to Berkshire’s chairman emeritus

Investing.com -- Berkshire Hathaway announced Friday that Warren Buffett has been named chairman emeritus, effective immediately.

Howard Buffett, who has served as a Berkshire director since 1993, succeeds his father in the role. Susan L. Decker will continue as Lead Independent Director. Howard Graham Buffett, born in 1954, is Warren Buffett's middle child and second son.

The "Oracle of Omaha" will remain a member of the Board of Directors in his new capacity as Chairman Emeritus, where he will continue to offer counsel to the company.

"As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective," Berkshire said in a statement.

Buffett stepped down as CEO on January 1st of this year, passing full operational control to Greg Abel while staying on as Chairman of the Board.

Under Abel's leadership, Berkshire built a $37 billion stake in Alphabet, Google's parent company, making it a top-five holding. Abel has emphasized that he continues to run major ideas by Buffett and talks to him every day.

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