Warren Buffett is stepping down as chair of Berkshire Hathaway after serving in the role at the conglomerate for more than 50 years. The 96-year-old will become chair emeritus and will take on his new role immediately, the company said Friday. Buffett’s son, Howard, will become Berkshire Hathaway’s new chair, part of a long-planned succession.
Howard Buffett has been on the Berkshire Hathaway board since 1993. Warren Buffett will remain a director. He had served as Berkshire Hathaway’s chair since 1970.
Greg Abel took over for Buffett as the CEO of the $1tn conglomerate to start the year, but Buffett remains one of the most influential investors in the world. “I have served Berkshire since 1965,” Warren Buffett said in a letter to shareholders. “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.” Warren Buffett said he is confident with Abel and his son, Howard, leading Berkshire Hathaway. “Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet,” he said. “Think of Howard as a policy the shareholders own and hope never to claim against.” Warren Buffett’s fortune has been amassed through Berkshire Hathaway stock.
It was worth more than $140bn in July 2026. He has already given away roughly $66bn worth of stock since 2006. Warren Buffett has built a devoted following and when Berkshire Hathaway reveals the stocks that the company has acquired or sold in public disclosures, it can shake markets.
During his time as CEO of Berkshire Hathaway, the company nearly doubled the returns of the S&P 500, with a 19.9% compounded annual growth rate compared with the index’s 10.4% gain.
Source: The Guardian
