Warren Buffett Steps Down as Berkshire Hathaway Chairman; Son Howard Named Successor
Berkshire Hathaway announced that Warren Buffett, 96, has stepped down as chairman to become chairman emeritus, effective immediately. His son, Howard Buffett, who has served as a director since 1993, has been named the new chairman with a focus on preserving company culture.
Berkshire Hathaway has announced that Warren Buffett is stepping down as chairman of the conglomerate, effective immediately. The 96-year-old investor will assume the role of chairman emeritus and remain a member of the Board of Directors.
This leadership transition occurs nine months after Greg Abel assumed the position of CEO. Buffett first revealed his plans to step away from the conglomerate in May 2025. Under his leadership, which began in 1965, Berkshire transformed from a failing textile company into a US$1.1-trillion conglomerate.
Howard Buffett, Warren’s son, has been named the new chairman. He has served as a director of the company since 1993. According to the announcement, his primary focus will be on preserving the company culture rather than management. In January 2025, Howard stated that Berkshire's culture is about keeping things simple and not doing unnecessary tasks.
Following the news, Berkshire’s Class B shares were down 0.3 per cent in premarket trading. The conglomerate’s price-to-book value has declined from approximately 1.62 to 1.53 since Buffett initially announced he would step down as CEO. Investors have historically ascribed a 'Buffett premium' to the company's valuation.
Current operational oversight remains distributed among senior executives. Greg Abel has direct oversight of several business lines, while Vice Chairman Ajit Jain oversees insurance operations. President Adam Johnson oversees consumer, services, and retail subsidiaries.