‘Father Time always wins’: What Warren Buffett told Berkshire shareholders in his letter

Berkshire Hathaway on Friday, September 18, announced that Warren Buffett will step down as chairman after more than six decades at the helm of the company.

As part of the company’s long-standing succession plan, the board elected Howard G Buffett, a Berkshire director since 1993, as Chairman of the Board. Susan L Decker will continue to serve as Lead Independent Director.

Buffett, who recently celebrated his 96th birthday, will remain a member of Berkshire’s Board of Directors and continue to offer his judgment and perspective. Greg Abel will continue as Chief Executive Officer, a role in which Buffett said Abel has already been making the decisions that matter for some time. In a letter to shareholders, Buffett said the timing was right to complete the transition and expressed confidence in Berkshire’s future.

Warren Buffett’s letter to Berkshire Hathaway shareholders

To My Fellow Shareholders:

Berkshire has an extraordinary group of shareholders. From the beginning, Charlie and I looked for owners who thought in decades rather than quarters, and we were fortunate to find a great many of you.

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.

I have served Berkshire since 1965. Sixty-plus years in, I still have the best job in the world. That is not something many people my age can say, and I have never felt better about what comes next.

Part of the reason is Greg. My expectations for him were sky high from the start, and he has exceeded them. He has taken hold of the Chief Executive Officer job in every respect. He has been making the decisions that matter for some time now, and I have not had to think twice about any of them.

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.

Howard cares deeply about Berkshire, as do all of our Directors. No company has been or will be more shareholder-minded than Berkshire.

Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted. Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands, and I look forward to remaining a shareholder alongside you.

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