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Warren Buffett has stepped down as chairman of Berkshire Hathaway, ending more than six decades at the helm of the $1tn conglomerate, with his son Howard Buffett assuming the role immediately as part of a previously outlined succession plan. The 96-year-old Buffett will remain on Berkshire’s board as chairman emeritus, continuing to provide his judgment and perspective to the company. The transition follows Buffett’s decision to step down as chief executive at the end of 2025, when Greg Abel, previously responsible for Berkshire’s noninsurance businesses, succeeded him. Howard Buffett, 71, has served as a Berkshire director since 1993 and has spent decades preparing for the chairman role. Warren Buffett transformed Berkshire from a struggling textile business into a diversified conglomerate spanning insurance, railroads, energy, and manufacturing, alongside a substantial portfolio of publicly traded stocks.
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