Warren Buffett Steps Down as Berkshire Hathaway Chairman, Son Howard Takes Over

Warren Buffett has stepped down as chairman of Berkshire Hathaway, ending another major chapter in his more than six-decade leadership of the company.

Berkshire said Friday that the 96-year-old investor will become chairman emeritus and remain on the company’s board, while his son Howard G. Buffett will succeed him as chairman.

Buffett had already handed the CEO role to Greg Abel, who continues to run Berkshire’s day-to-day operations. Howard Buffett’s role is expected to focus on preserving the company’s culture and values.

In a letter to shareholders, Buffett wrote that “Father Time always wins” and said Berkshire is in excellent hands.

Buffett transformed Berkshire Hathaway from a struggling textile company into a conglomerate valued at more than $1 trillion, with major holdings and businesses spanning insurance, railroads, energy and consumer brands.