Warren Buffett has stepped down as chairman of Berkshire Hathaway after more than 50 years of leadership. The 96-year-old Buffett was immediately appointed as honorary chairman, and his son, Howard Buffett, who has been on the board of Berkshire Hathaway since 1993, was appointed as the new chairman.
Buffett to Continue as CEO
Warren Buffett will remain as CEO of Berkshire Hathaway. He has led the company since 1970. Greg Abel has replaced Buffett as CEO at the beginning of this year, but Buffett continues to be recognized as one of the most influential investors in the world.
Trust in the New Generation of Leadership
In a letter to shareholders, Buffett stated: "I have served at Berkshire since 1965. After more than 60 years in this role, I still have the best job in the world. This is not something many people my age can say, and I have never felt better about the future." He also expressed complete trust in Greg Abel and his son Howard to lead Berkshire Hathaway forward.
Buffett said: "Greg runs the company; Howard will preserve its culture and values - both of which are more valuable than anything on our balance sheet." He described Howard as a policy that shareholders own and hope they never have to use.
Buffett's Wealth and Impact on the Market
Most of Buffett's wealth has come from Berkshire Hathaway shares, which reached a value of over $140 billion in July 2026. Since 2006, he has donated nearly $66 billion in stock. During his tenure as chairman of Berkshire Hathaway, the company has achieved nearly double the return of the S&P 500 with a compound annual growth rate of 19.9% compared to a 10.4% increase in the index.
Greg Abel stated in a prepared statement: "Warren's impact on Berkshire and its owners in the history of American business is unparalleled. The culture that Warren built and the values he believed in will remain at the heart of Berkshire, and Howard will be their guardian."
Source: independent.co.uk
