Warren Buffett’s culture, values he championed will stay and his son will be the guardian, says CEO Greg Abel

Berkshire Hathaway's CEO Greg Abel has announced that Warren Buffett's absence from the chairman's office will not alter the company's culture and values. In a statement for the board, Abel emphasized that these pillars will remain central to the $1.1 trillion conglomerate. He also expressed gratitude to Howard Buffett for bringing "care, discipline, and deep understanding" to his new role as guardian of the company's heritage.

At 96, Buffett is retiring as chairman after more than six decades leading the company, now known as chairman emeritus. Howard, who has been a Berkshire board member since 1993, will take over as chairman, marking the culmination of a succession plan that has been in motion for decades. Buffett reflected on his long tenure, calling it the best job in the world, noting that he still feels fortunate to hold the position.

In a letter to shareholders, Buffett detailed his decision to complete the transition, crediting Abel for exceeding his expectations and taking full responsibility for the company's leadership. He also praised Howard's 33-year tenure on the board and his deep commitment to the company's values. Buffett described Howard's role as a long-term apprenticeship, emphasizing that he will serve as the protector of Berkshire's culture and values.

Buffett highlighted the unique nature of Berkshire's shareholder base, which thinks in terms of decades rather than quarters, and expressed confidence in the company's future under the new leadership structure. Despite stepping down from the chairman's role, Buffett remains confident in the company's prospects and looks forward to continuing as a shareholder alongside the board.