Warren Buffett steps down as chairman of Berkshire Hathaway

NEW YORK, Sept. 18 (Xinhua) -- Warren Buffett announced in a letter to shareholders Friday that he is stepping down as chairman of Berkshire Hathaway, effective immediately. His 71-year-old son Howard Buffett will replace him as chairman.

The 96-year-old legendary investor, serving as Berkshire Hathaway's chairman since 1970, will remain on the board as chairman emeritus, Berkshire said in a separate announcement.

Buffett stepped down as CEO of the company more than nine months ago. He was succeeded by Greg Abel.

"Greg runs the company; Howard will guard its culture and values -- both worth more than anything on our balance sheet," Buffett wrote in his letter.

"Warren's impact on Berkshire and its owners is without parallel in the history of American business," Abel said in the company statement. "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."

Buffett has led the Nebraska-based Berkshire Hathaway since 1965. Under his leadership, the company has posted a 19.7-percent compounded annual return to shareholders, nearly double the return of the S&P 500. ■