Howard Buffett to succeed father Warren as Berkshire Hathaway chair

Berkshire Hathaway announced on Friday that Warren Buffett has been appointed chairman emeritus, effective immediately, while Howard G. Buffett was elected as the new chairman of the company's board. Warren Buffett, who has been leading the company since 1965 at the age of 96, will continue to serve on the board and provide guidance to Berkshire.

Susan Decker remains the lead independent director. In a letter to shareholders, Buffett stated that this change signifies the completion of the company's leadership transition, with CEO Greg Abel now taking full responsibility for making key decisions. Howard Buffett, a Berkshire director since 1993, has spent 33 years on the board, and his appointment marks a significant leadership change.

The new chairman will oversee the company's board leadership and ensure its culture and values are upheld, while Abel will continue managing the business as CEO. Howard Buffett has also been the chairman and CEO of the Howard G. Buffett Foundation since 1999 and has served on the boards of several other companies, including Archer Daniels Midland, ConAgra Foods, Coca-Cola, Coca-Cola Enterprises, and Lindsay Corporation.

Berkshire Hathaway operates in various sectors, including insurance, utilities, energy, rail, manufacturing, services, and retail, with its shares traded on the New York Stock Exchange. Buffett expressed satisfaction with the company's future under the new leadership structure, formalizing the succession process at Berkshire, with Abel already responsible for daily operations and Buffett remaining involved through his board role.