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Warren Buffett is stepping down as chairman of Berkshire Hathaway, marking another major step in the leadership transition at the $1.1 trillion conglomerate he has led for more than six decades.
Buffett, 96, will become chairman emeritus with immediate effect, the company said on Friday. The move comes nine months after he handed over the chief executive role to longtime lieutenant Greg Abel.
His son, Howard Buffett, will become the new chairman. Howard has served on Berkshire Hathaway’s board since 1993 and will focus primarily on preserving the company’s culture and values rather than managing its operations.
Buffett transformed Berkshire from a struggling textile company into one of the world’s largest conglomerates and developed an investment philosophy centred on long-term thinking, disciplined capital allocation and straightforward management.
“Father Time always wins. He has, however, been generous with me,” Buffett wrote in a letter to shareholders on Friday.
As chairman emeritus, Buffett will remain on Berkshire’s board and continue to provide advice and perspective to the company, Berkshire said.
Known as the “Oracle of Omaha”, Buffett has influenced generations of investors and corporate executives. Berkshire’s annual shareholder meetings became major events for investors, while its shares have long benefited from what investors have called a “Buffett premium”.
Buffett first announced plans to step down as CEO in May 2025, beginning one of the most closely watched succession processes in corporate America.
Berkshire’s businesses include Geico, BNSF Railway, energy and industrial companies, Dairy Queen and a wide range of other businesses. The company also holds hundreds of billions of dollars in stocks and US Treasury securities.
In the second quarter, Berkshire’s operating profit rose 16% to $12.98 billion, beating analysts’ expectations. Net income more than doubled to $25.67 billion, partly reflecting unrealised gains and losses on its investment portfolio.
Abel now runs Berkshire’s operations, while Howard Buffett’s role will be to safeguard the culture established by his father.
“The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Abel said.
Source: Al Jazeera