Editor’s Note: This story has been updated with additional details on Berkshire Hathaway’s succession plan.
Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK) said Friday that Warren Buffett has stepped down as chairman and will become chairman emeritus, effective immediately, marking another major step in the succession of the legendary investor.
Buffett, 95, will remain on Berkshire’s board of directors and continue to provide his judgment and perspective to the company.
The board elected Howard Buffett, Warren Buffett’s son and a Berkshire director since 1993, as chairman. Greg Abel will continue as CEO, while Susan Decker will remain lead independent director.
Berkshire said the move is consistent with its long-standing succession plan, with Abel describing Warren Buffett’s impact on the company and its owners as “without parallel in the history of American business.”
Buffett Reflects on Berkshire’s Future
On Friday, Buffett acknowledged that “Father Time always wins,” but said it has been generous to him, allowing him to see Berkshire reach a point where he is “more confident than ever” about its future.
“Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet,” wrote Buffett. “Think of Howard as a policy the shareholders own and hope never to claim against.”
Buffett said he recently celebrated his 96th birthday with family and friends, joking that his one-year-old great-grandchild is now moving faster than he is.
“The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Abel stated.
Buffett Stays Involved After Retirement
Buffett transformed a struggling New England textile mill into Berkshire Hathaway, a global financial and industrial powerhouse with $44.5 billion in 2025 operating earnings and nearly 400,000 employees. He stepped down as Berkshire Hathaway CEO on December 31.
In his Thanksgiving letter to employees, Buffett acknowledged the limitations of aging, saying he moved more slowly and had increasing difficulty reading but still worked from the office five days a week.
The legendary investor remained actively involved at Berkshire this year, regularly visiting the Omaha office, the new CEO, Abel, said in March. He also attended the company’s annual meeting in May.
In July, Buffett told CNBC he was behind Berkshire’s recent major investment in Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and said he was recovering from a broken leg.
Price Action: Over the past five years, the stock surged 83.99%, as per Benzinga Pro. On Thursday, it fell 2.04% to close at $ $509.20.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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