Warren Buffett steps down as Berkshire chairman, son Howard succeeds - Reuters

Warren Buffett has been named chairman emeritus of Berkshire Hathaway, effective immediately. The transition marks a significant shift for the conglomerate, which Buffett transformed from a struggling textile business into an investment giant currently valued at more than $1 trillion.

As part of the leadership change, Howard Buffett has been appointed as the new chairman of the company. Howard Buffett has served as a member of the Berkshire Hathaway board of directors since 1993.

In a letter to shareholders, the 96-year-old Buffett acknowledged the transition, noting that he has benefited from his long tenure at the helm of the organization. Despite stepping down from the chairmanship, he will remain a member of the board of directors, where the company stated he will continue to offer his judgment and perspective.

Earlier this year, Warren Buffett stepped down from his role as CEO of Berkshire Hathaway. That position was filled by Greg Abel, a longtime lieutenant within the company.

Reflecting on the leadership change, Abel stated that the culture and values established by Warren Buffett will remain central to the company’s operations. He identified the new chairman, Howard Buffett, as the guardian of those foundational principles.

Throughout his career, Warren Buffett became known for a long-term investment strategy focused on acquiring high-quality businesses at reasonable prices. This approach consistently delivered gains that outpaced broader market performance, establishing him as a prominent figure in the global financial sector.