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.