Warren Buffett steps down as Berkshire Hathaway chairman

At 96, Warren Buffett is finally stepping down from the chairmanship he has held for most of Berkshire Hathaway’s modern history. The move is not a surprise, but it marks the closing of an era that investors have been watching for years.

At 96, Warren Buffett is finally stepping down from the chairmanship he has held for most of Berkshire Hathaway’s modern history. The move is not a surprise, but it marks the closing of an era that investors have been watching for years.

Warren Edward Buffett is an American investor and philanthropist who serves as chairman emeritus and former CEO of conglomerate Berkshire Hathaway. Buffett is one of the world’s best-known investors.

Berkshire confirmed on Friday that Buffett will step down as chairman effective immediately, moving into the role of chairman emeritus. His son, Howard G. Buffett, will take over as chairman.

For Howard, however, taking on the role will mean giving up some of the flexibility he has had in recent years. He has balanced his philanthropic ventures around the world, including work in 155 countries, while also running his personal farm and making repeated visits to Ukraine.

In an interview with Yahoo Finance in 2024, Howard discussed the personal cost of taking on a more demanding role at Berkshire, saying some of those trips “won’t happen” anymore.

Howard is known as a custodian of Berkshire’s distinctive culture, which was developed over several decades by his father and the late Charlie Munger.

That responsibility, however, comes with significant challenges as Berkshire oversees businesses ranging from BNSF Railway to homebuilder Clayton Homes.

Before joining the board of Coca-Cola in 2007, Howard worked as an investor relations manager at Archer Daniels Midland.

Howard previously described his role as supporting CEO Greg Abel. Now, he will have to prioritize being available for Berkshire as he takes on the chairmanship.