OMAHA (dpa-AFX) - Warren Buffett, 96, has stepped down as chairman of Berkshire Hathaway (BRK-A), ending more than five decades in the role and becoming chairman emeritus.
His son, Howard Buffett, a Berkshire director since 1993, will take over as chairman. Buffett will remain on the company's board and continue providing advice and perspective.
Buffett said the decision was partly driven by his confidence in CEO Greg Abel, who succeeded him as chief executive at the end of 2025, as well as his age. He credited 'Father Time' for being generous to him and expressed confidence in Berkshire's future. Abel said Buffett's impact on Berkshire and its shareholders was unmatched in American business.
Buffett transformed Berkshire from a struggling textile manufacturer into a conglomerate valued at about $1.1 trillion, with businesses including GEICO, BNSF Railway, Dairy Queen and numerous industrial and energy operations.
Berkshire's Class B shares are down about 0.50% in afterhours trading following the announcement.
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