00:00It's Benzinga bringing Wall Street to Main Street
00:02Warren Buffett is stepping down as chairman of Berkshire Hathaway after leading the company
00:06since 1965, according to CNBC.
00:09The 96-year-old will become chairman emeritus and remain a director, while his son Howard
00:13Buffett will take over as chairman under the company's succession plan.
00:16Buffett said,
00:17Father time always wins, but he feels fortunate to have seen Berkshire reach a point that
00:22gives him strong confidence in its future.
00:24The move comes more than nine months after Greg Abel succeeded Buffett as CEO.
00:28Buffett said Abel runs the company while Howard will protect Berkshire's culture and values.
00:32Berkshire generated $44.5 billion in operating earnings last year and employs nearly 400,000
00:39people.
00:39The company's shares are up about 1% in 2026, compared with an 11% gain for the S&P
00:46500.
00:46Berkshire also held $365.5 billion in cash and repurchased $4.5 billion of shares in the
00:54second quarter.
00:54For all things money, visit Benzinga.com
00:58For all things money, visit Benzinga.com
00:58For all things money, visit Benzinga but also Keepitiiędzy.com
00:58For all things money, don't you need to act free in this lifetime?
00:58By 2003...
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