Warren Buffett steps down as Berkshire Hathaway chairman after more than 50 years
Warren Buffett, 96, is stepping down as chairman of Berkshire Hathaway, a role he has held since 1970. He will become chairman emeritus, with his son Howard Buffett — a board member since 1993 — taking over as the new chairman. Buffett will remain on the board as a director.
Two sources · Thin corroboration
Warren Buffett announced on Friday that he is leaving the chairmanship of Berkshire Hathaway, the conglomerate he has led for more than five decades. The transition is effective immediately, according to a company statement reported by NPR and the Associated Press.
The change marks the final major step in Buffett's formal departure from Berkshire's leadership. He had already stepped down as CEO late last year, when Greg Abel succeeded him in that role. With the chairmanship now transferring to Howard Buffett, Warren Buffett will retain a presence at the company as a director and chairman emeritus.
Howard Buffett has been a Berkshire Hathaway board member since 1993, giving him more than three decades of familiarity with the company's operations and culture. CEO Greg Abel described Warren Buffett's influence in a statement: "Warren's impact on Berkshire and its owners is without parallel in the history of American business. The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."