Warren Buffett steps down as Berkshire Hathaway Chairman at 96
Warren Buffett, the 96-year-old investor, has resigned as Chairman of Berkshire Hathaway. His son, Howard Buffett, has been elected as his successor.
Warren Buffett, 96, has officially stepped down as Chairman of Berkshire Hathaway, the company announced on September 18.
Buffett has been appointed Honorary Chairman and will remain on the company's board of directors. The board has elected Howard Buffett, Warren's eldest son, as the new Chairman. Susan Decker will continue as Lead Independent Director.
This move follows Buffett's earlier resignation as CEO on January 1, 2024, concluding a nearly 60-year tenure. Under his leadership, Berkshire Hathaway's market capitalization grew by approximately 5,502,284% from 1965 to the end of 2024, significantly outperforming the S&P 500 index.
In a letter to shareholders, Buffett expressed confidence in the company's current leadership, particularly CEO Greg Abel, and his son Howard's role in preserving the company's culture and values. He cited his son's 33 years on the board as preparation for his new role.