Warren Buffett steps down as Berkshire Hathaway chairman, named chairman emeritus

Warren Buffett has stepped down as chairman of Berkshire Hathaway, effective immediately. The Ace investor takes on the role as chairman emeritus, the company said on Friday. Buffett will remain on Berkshire’s Board of Directors and continue to advise the company with his judgment and perspective.

As part of Berkshire Hathaway’s long-standing succession plan, the board has elected his son, Howard Buffett, a director since 1993, as the new chairman. Greg Abel will continue as chief executive officer, while Susan Decker will remain Lead Independent Director.

Also read: Warren Buffett exits Berkshire chair: Read Oracle of Omaha's letter to shareholders


“Warren’s impact on Berkshire and its owners is without parallel in the history of American business,” Abel said on behalf of the Berkshire board. He added that the culture and values Buffett built would remain at the heart of the company, with Howard Buffett serving as their guardian.

Howard Buffett has chaired and led the Howard Buffett Foundation since 1999, focusing on global food security and conflict mitigation. He has also served on the boards of several public and private companies and was a United Nations Goodwill Ambassador Against Hunger for the World Food Programme for nearly a decade.

The leadership change marks another step in Berkshire Hathaway’s planned transition, while Buffett will continue to have a role on the board.