Berkshire Hathaway announced this Friday that Warren Buffett will step down as chairman of the conglomerate and become chairman emeritus with immediate effect. Earlier this year, Buffett had already left the position of CEO, handing over the reins of the company to his longtime collaborator Greg Abel.
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“The passage of time always ends up prevailing. However, it has been generous with me,” wrote Buffett, 96, in a letter to shareholders. The conglomerate appointed his son, Howard Buffett, a member of Berkshire’s board of directors since 1993, as chairman. “As chairman emeritus, Mr. Buffett will remain on the board of directors and continue to provide his valuable judgment and perspective,” Berkshire said in a statement.
His annual shareholder meetings became a meeting point for investors seeking his analysis of the business landscape
Buffett turned Berkshire into a conglomerate valued at around $1.03 trillion, with dozens of companies, including the car insurer Geico, the railroad company BNSF, Berkshire Hathaway Energy, the ice cream chain Dairy Queen, the underwear company Fruit of the Loom, and the plush toys Squishmallows.
“The culture Warren built and the values he upheld will remain at the heart of Berkshire, and Howard will be their guardian,” Abel said in a statement this Friday. Buffett’s influence has extended far beyond Berkshire and has shaped generations of executives and investors thanks to his commitment to the long term, discipline in capital allocation, and straightforward management.
The passage of time always ends up prevailing. However, it has been generous with me”
Warren Buffett
Chairman Emeritus of Berkshire Hathaway
CEOs of major American companies have turned to him as a spokesperson for issues ranging from acquisitions and succession plans to how to face periods of market turbulence. His annual shareholder meetings, in turn, became a meeting point for investors seeking his analysis of the business landscape.
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Buffett first announced his plans to step away from leading the conglomerate in May 2025, a decision that surprised shareholders and analysts despite his advanced age. After decades at the helm of the company, his figure had come to be fully identified with Berkshire, making his succession one of the most watched in the American business world.
In August, Berkshire reported that it had begun to reduce its huge cash holdings during the second quarter, investing billions of dollars in shares of companies like Alphabet and also repurchasing its own stock, while reporting better-than-expected profits.
Quarterly operating profit rose 16% to $12.98 billion, above analysts’ forecasts, while net profit more than doubled to $25.67 billion, including unrealized gains and losses on shares that Berkshire, based in Omaha (Nebraska), still holds in its portfolio.
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