Warren Buffett steps down as Berkshire chair, becomes chairman emeritus

Berkshire Hathaway announced on Friday that its iconic chairman, Warren Buffett, will relinquish his position and transition into the role of chairman emeritus, effective immediately. The veteran businessman, 96, had previously stepped down as CEO earlier this year, ceding control to his trusted advisor Greg Abel. In a heartfelt letter to shareholders, Buffett expressed gratitude for the support he has received, acknowledging that time inevitably takes its toll.

His son, Howard Buffett, who has served as a Berkshire director since 1993, was named chairman in Buffett's absence. Berkshire Hathaway stated that the venerable Buffett will retain his position as a board member, offering his wisdom and insights. The conglomerate, now valued at approximately US$1.03 trillion and encompassing diverse businesses ranging from Geico to Dairy Queen, credited Buffett with building a strong corporate culture and championing values that will endure under Howard's stewardship.

Berkshire's CEO, Greg Abel, emphasized that Buffett's legacy and the principles he upheld will remain central to the company's ethos. Following his announcement in May 2025, Buffett's successor has been lauded for his ability to navigate the complexities of corporate decision-making, offering guidance on matters ranging from mergers to market volatility.

Buffett's impact transcended Berkshire's borders, leaving an indelible mark on corporate leadership and investment strategies. His annual shareholder meetings became a pivotal event for investors worldwide, providing a platform for discussions on industry trends and market insights. Buffett's decision to step down had been anticipated since early 2025, despite his continued active involvement.

Despite his age, Buffett maintained a strong presence, shaping Berkshire's trajectory and setting a benchmark for future corporate leaders. In August, the conglomerate announced a strategic move to reduce its cash reserves, investing in promising stocks like Alphabet and repurchasing shares, as it reported robust financial performance.

Berkshire's operating profit surged by 16 percent to US$12.98 billion, surpassing analyst estimates, while net income more than doubled to US$25.67 billion, driven by gains and losses on its extensive stock portfolio.