Warren Buffett steps down as Berkshire Hathaway chairman at 96, marking the end of an era in corporate leadership. His son, Howard Buffett, will take over as chairman, while Greg Abel remains CEO.
The company said Friday that the 96-year-old Buffett will become chairman emeritus and will take on his new role immediately. His son, Howard, will become Berkshire Hathaway's new chairman. Howard Buffett has served as a Berkshire Hathaway board member since 1993.
"As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective," Berkshire Hathaway said in a statement.
Buffett built Berkshire into an approximately $1.03 trillion conglomerate with dozens of businesses, including Geico car insurance, the BNSF railroad, Berkshire Hathaway Energy, Dairy Queen ice cream, Fruit of the Loom underwear and Squishmallows plush toys, Reuters reported.
Buffett first announced plans to step away from the conglomerate in May 2025, surprising investors and making his succession one of the most closely watched in corporate America.
In August, Berkshire said it began reducing its enormous stockpile of cash in the second quarter, investing billions of dollars in stocks such as Alphabet and repurchasing billions of its own shares, as it reported higher-than-expected profit, according to Reuters. Its quarterly operating profit rose 16 per cent to $12.98 billion, topping analyst forecasts, while net income more than doubled to $25.67 billion, including unrealised gains and losses on stocks that Omaha, Nebraska-based Berkshire still owns.
