Warren Buffett Steps Down as Berkshire Hathaway Chairman; Howard Takes Over

'The Sage of Omaha' Warren Buffett has stepped down from his role as chairman of Berkshire Hathaway, a position he led for more than six decades. His son Howard Buffett will serve as the new board chairman, while Greg Abel, the current chief executive officer (CEO), will take responsibility for company operations.

Berkshire Hathaway announced on April 18 (local time) that it has appointed Buffett as honorary chairman and elected Howard as the new board chair. The transition takes effect immediately. While stepping down from the chairman role, Buffett will remain a director and advise on major company decisions.

At 96 years old, Buffett acquired control of struggling textile company Berkshire Hathaway in 1965. He grew it into a multi-billion dollar conglomerate by investing funds secured from insurance operations into stocks and corporate acquisitions. Buffett has held the chairman position since 1970.

This decision marks the completion of years-long succession planning at Berkshire. Buffett stepped down as CEO last December, with Abel overseeing operations starting in January this year. Abel has been responsible for most of Berkshire's business areas excluding insurance since 2018.

In a letter to shareholders, Buffett stated, 'Time ultimately wins for everyone,' adding that it was the right time to complete succession planning. He praised Abel as exceeding expectations: 'I had high hopes from the start but he has surpassed them. I have never doubted his important decisions.'

New board chairman Howard will focus on preserving Berkshire's corporate culture and management principles rather than direct operational involvement. Buffett emphasized, 'Greg runs the company while Howard preserves Berkshire's culture and values — these are more valuable than any asset on the balance sheet.'

At 71 years old, Howard has served as a Berkshire director since 1993. He also chairs and serves as CEO of the Howard G. Buffett Foundation, which focuses on agriculture, food security, and conflict resolution. Susan Decker will retain her position as lead independent director.

Abel, the new CEO, stated, 'Warren's impact on Berkshire and shareholders is unparalleled in American business history. The culture and values Warren created will remain central to the company, with Howard leading its preservation.'