Warren Buffett, 96, steps down as Berkshire Hathaway chairman

Berkshire Hathaway, the conglomerate led by Warren Buffett, announced on Friday that the 96-year-old billionaire will step down as chairman and become chairman emeritus immediately. Greg Abel, a longtime lieutenant, was named chairman effective right away. Buffett's son, Howard Buffett, was made a director in 1993.

Buffett's transformation of a struggling textile company into a $1.1 trillion conglomerate has made him a pivotal figure in modern corporate America. He is credited with developing an investment philosophy that has influenced countless investors and executives. As chairman emeritus, Buffett will remain a member of the Board of Directors and continue to provide his valued insights.

The company's stock price remained relatively stable in premarket trading. However, Buffett's departure has reduced Berkshire's price-to-book value from around 1.62 to 1.53. Despite this, the conglomerate remains the only financial firm in the trillion-dollar market-value club dominated by technology firms.

Buffett, who has been open about his plans to step down since May 2025, wrote in a letter to shareholders that the company has been fully prepared for this transition. He emphasized that the company's core culture and values, championed by his father Howard, will continue under Abel's leadership.

Berkshire Hathaway's recent financial performance has been strong, with a 16% increase in operating profit to $12.98 billion and a more than doubling of net income to $25.67 billion. Howard Buffett, who serves as chairman and CEO of the Howard G. Buffett Foundation focused on global food security and conflict mitigation, expressed confidence in the company's future leadership.