Warren Buffett steps down after 50 years: Son Howard takes over Berkshire chair

Omaha: Warren Buffett is stepping down as chairman of Berkshire Hathaway after more than five decades at the helm of the USD 1 trillion conglomerate, handing the chairmanship to his son Howard Buffett as part of a long-planned succession.

Buffett, 96, will become chairman emeritus with immediate effect while continuing to serve as a director, Berkshire Hathaway said Friday. Howard Buffett, who has been a member of the company's board since 1993, will take over as chairman.

Known as the Oracle of Omaha, Warren Buffett has served as Berkshire Hathaway's chairman since 1970. Greg Abel succeeded him as CEO at the beginning of this year, although Buffett has continued to be one of the world's most influential investors.

"I have served Berkshire since 1965," Buffett said in a letter to shareholders. "Sixty-plus years in, I still have the best job in the world. That is not something many people my age can say, and I have never felt better about what comes next."

Buffett said he was confident about Abel and his son leading the company.

"Greg runs the company; Howard will guard its culture and values -- both worth more than anything on our balance sheet," he said. "Think of Howard as a policy the shareholders own and hope never to claim against."

Berkshire Hathaway began as a New England textile company before Buffett transformed it into one of the world's best-known investment conglomerates. In 2024, it became one of the first non-technology companies to reach a market value of more than USD 1 trillion.

Buffett has built much of his fortune through Berkshire Hathaway stock and has donated roughly USD 66 billion worth of shares since 2006 as part of his long-standing philanthropic efforts.

His investment decisions have also had a significant impact on financial markets. Public disclosures showing which stocks Berkshire Hathaway has bought or sold can trigger movements in those companies' shares.

During Buffett's tenure as CEO, Berkshire Hathaway delivered a compounded annual return of 19.9 per cent, nearly twice the S&P 500's 10.4 per cent gain over the same period.

"Warren's impact on Berkshire and its owners is without parallel in the history of American business," Abel said in a prepared statement. "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."

Shares of Berkshire Hathaway were trading lower before the opening bell on Friday.