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Mr Buffett is widely known as the 'Oracle of Omaha' thanks to his investing success
Investor titan Warren Buffett has announced his departure from the multinational conglomerate Berkshire Hathaway in a major shake-up to the financial world.
In a statement published this morning, Mr Buffett will take on the role of chairman emeritus, an honorary role for retired senior leaders.
His son, Howard Buffett, has been announced as Berkshire Hathaway's chairman, while the outgoing chair will remain on the firm's board of directors.
It is understood that Mr Buffett will continue to advise the company on business and investor matters.
These latest developments have been part of Berkshire Hathaway’s long-standing succession plan, with Mr Buffett's son having been a director since 1993.
In the restructuring, Greg Abel will remain as chief executive officer, while Susan Decker will remain Lead Independent Director.
Mr Abel said: "We are grateful to Howard for the care, discipline and deep understanding of Berkshire he will bring to his new role."
Back in 1965, Mr Buffett took Berkshire when it was a medium-sized textile maker and transformed it into one of the world’s largest conglomerates. Berkshire said that he would remain on the company’s board in his new role.
