Warren Buffett steps down as Berkshire Hathaway chief after 60 years

Warren Buffett has announced he is stepping down from his role leading Berkshire Hathaway, ending six decades at the helm of one of the world's most successful investment firms. The 93-year-old investor, who assumed control of the struggling textile manufacturer in 1965, has built it into a sprawling conglomerate with interests spanning insurance, energy, railroads, and consumer goods.

Buffett's departure marks the conclusion of an era that fundamentally reshaped American business. Under his stewardship, Berkshire evolved from a near-defunct New England mill into a multinational enterprise with significant holdings across multiple sectors and a market capitalization in the hundreds of billions of dollars.

The timing of Buffett's exit reflects broader considerations about leadership succession at the company. His decision comes as Berkshire's board has been working to identify and prepare future leadership to manage the vast operations and investment portfolio he assembled over the past 60 years.

Buffett's philosophy of long-term value investing and disciplined capital allocation became a model for generations of investors. His tenure demonstrated that patient, principled investment strategies could generate sustained returns across economic cycles and market conditions.