Warren Buffett has stepped down as chairman of Berkshire Hathaway, closing out one of the longest and most closely watched tenures in American corporate history. Buffett, who built Berkshire from a struggling textile mill into a sprawling conglomerate spanning insurance, railroads, energy and major equity stakes in companies from Apple to Coca-Cola, had already signaled a gradual handover of responsibilities in recent years.

The transition caps decades during which Buffett’s annual shareholder letters and folksy public persona made him arguably the most influential individual investor in the world, shaping how generations of investors think about value, patience and corporate governance.

Berkshire’s board has previously signaled its succession plans, emphasizing continuity in its investment philosophy and decentralized management culture. Analysts will be watching closely for any shifts in capital allocation strategy under new leadership.