Warren Buffett has officially stepped down as chairman of Berkshire Hathaway, bringing an end to more than five decades in one of the most closely watched leadership positions in American business.
Berkshire Hathaway announced Friday, September 18, that Buffett, 96, has been named Chairman Emeritus, effective immediately. He will remain a member of the company’s board and continue to provide his experience and perspective to the conglomerate.
Buffett first became chairman of Berkshire Hathaway in 1970 and spent decades transforming the company from its roots as a struggling textile manufacturer into a diversified global conglomerate valued at more than $1 trillion. His investment approach and annual shareholder meetings made him one of the most influential figures in the financial world.
The move follows another historic transition earlier this year, when Buffett handed over Berkshire Hathaway’s chief executive responsibilities to longtime executive Greg Abel. Buffett had announced plans to step away from the CEO position in 2025, beginning a succession process that has been closely followed by investors.
Howard G. Buffett, Warren Buffett’s son and a Berkshire Hathaway director since 1993, has been elected the company’s new chairman. Berkshire said the appointment is consistent with its long-standing succession plan. Susan L. Decker will continue serving as lead independent director.
Despite stepping away from the chairmanship, Warren Buffett will remain connected to Berkshire as a director. In his shareholder letter, he expressed confidence in the company’s future and said he looks forward to remaining a shareholder.
Buffett’s departure from the chairman role marks another significant chapter in Berkshire Hathaway’s evolution. His more than 50 years of leadership helped shape the company’s identity, investment strategy and corporate culture, while his succession plan has been designed to preserve those values under a new generation of leadership.
