Warren Buffett, in a letter to Berkshire shareholders:
Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one. He’s moving a bit faster than I am these days. [...]
So the timing is right to complete the transition. I will become Chairman Emeritus and remain a Director. My son, Howard, will succeed me as Chairman.
Howard has been a Berkshire Director for 33 years. That is a longer apprenticeship than I served before taking the reins at the age of 34. Greg runs the company; Howard will guard its culture and values — both worth more than anything on our balance sheet. Think of Howard as a policy the shareholders own and hope never to claim against.
Not many 71-year-olds rise to the position of chairman at leading corporations.
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