Warren Buffett steps down as CEO of Berkshire Hathaway after six decades

Since assuming control of Berkshire Hathaway in 1965, Warren E. Buffett has overseen the conversion of a failing New England textile mill into a diversified, publicly traded holding company with a market capitalization exceeding $800 billion. The original business, once a regional producer of cotton fabrics, was experiencing declining revenues and mounting losses when Buffett began acquiring shares and eventually took the reins.

Buffett redirected capital toward the insurance sector, purchasing National Indemnity in 1967 and later adding GEICO, which supplied a steady flow of underwriting profits and investment capital. He then applied a value‑oriented investment philosophy, acquiring sizable stakes in companies such as Coca‑Cola, American Express, and Apple, while also expanding into energy, railroads, and manufacturing through strategic purchases. The cumulative effect of these moves transformed Berkshire Hathaway into a global conglomerate that reports annual revenues of more than $300 billion and holds a portfolio spanning dozens of industries worldwide.