‘Father Time always wins,’ Buffett, 96, says as his son, Howard, steps in as the $1tn conglomerate’s new chair

Warren Buffett is stepping down as chair of Berkshire Hathaway, the company that he took from a faltering textile manufacturer into a $1tn conglomerate over the course of 60 years.

Buffett’s son, Howard, 71, will take over as chair. Buffett, 96, cited his age as the main reason behind the transition, noting that he has a one-year-old great-grandchild who is “moving a bit faster than I am these days”.