Berkshire Hathaway names Warren Buffett as chairman emeritus

​Berkshire Hathaway said on Friday ​that Warren Buffett, ‌its former ​CEO and the world's most revered investor, has been named chairman emeritus, effective immediately.

"Father ‌Time always wins. He has, however, been generous with me," Buffett, 96, wrote in a letter to shareholders. The conglomerate named ‌his son, Howard Buffett, a Berkshire director since 1993, as ‌chairman.

"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 transformed the company from a struggling textile business into an ⁠investment giant worth more than $1 trillion.

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. Earlier ​this year, he stepped down as CEO of Berkshire, handing the reins to his longtime lieutenant Greg Abel.

"The ⁠culture Warren built and the values he championed will remain at ⁠the heart ⁠of Berkshire, and Howard will be their guardian," Abel said in a statement.