Warren Buffett steps down as Berkshire chair, assumes chairman emeritus role
Warren Buffett, 96, has relinquished the chairmanship of Berkshire Hathaway and will serve as chairman emeritus, while his son Howard Buffett takes over as chair.
Berkshire Hathaway confirmed that Warren Buffett, aged 96, is stepping down as chairman and will become chairman emeritus, remaining on the board to offer his judgment. Howard Buffett, who has served on Berkshire’s board since 1993, has been appointed as the new chairman. This follows Buffett’s earlier decision this year to hand over the CEO duties to longtime deputy Greg Abel.
Berkshire said the values and culture established by Warren will continue under Howard’s stewardship. The conglomerate, now valued at roughly $1.03 trillion, includes businesses such as Geico, BNSF railroad, Berkshire Hathaway Energy, Dairy Queen, Fruit of the Loom and Squishmallows. In its latest quarter, Berkshire’s operating profit rose 16% to $12.98 billion and net income more than doubled to $25.67 billion, boosted by stock investments and share repurchases.
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Why it matters
Buffett's shift marks a historic leadership transition at one of the world's largest conglomerates, affecting investors and corporate governance.
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