Buffett steps down as Berkshire chairman, son Howard takes over

Warren Buffett is stepping down as chairman of Berkshire Hathaway, taking on the role of chairman emeritus immediately, nine months after handing the CEO reins to Greg Abel, Al Jazeera reports.

Buffett’s son Howard will become Berkshire’s new chairman as part of a long-planned succession, having served on the board since 1993.

“Father Time always wins. He has, however, been generous with me,” the 96-year-old wrote in a letter to shareholders on Friday, marking the end of a six-decade run in which he transformed Berkshire from a failing textile company into a $1.1 trillion conglomerate.

Brian Jacobsen, chief economic strategist at Annex Wealth Management, further noted that “this feels more like the completion of a carefully planned succession than a sudden changing of the guard.”

Unlike his father, Howard will hold no management role, focusing instead on preserving Berkshire’s culture while Abel runs daily operations.

“Greg runs the company; Howard will guard its culture and values,” Buffett said, closing a chapter that reshaped modern American investing while opening a new one under his son’s stewardship.