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Warren Buffett, 96, announced in a shareholder letter that he is immediately stepping down as chairman of Berkshire Hathaway's board, taking on the title of chairman emeritus while remaining a director. His son Howard Buffett, a 33-year board member, will become the new chairman, working alongside CEO Greg Abel, who took over operations earlier this year.
Warren Buffett, 96, has resigned as chairman of Berkshire Hathaway effective immediately, ending his decades-long leadership of the company's board. The move comes less than eight months after Greg Abel assumed the CEO role, and Buffett will continue serving as a board member.
Warren Buffett announced he is stepping down as chairman of Berkshire Hathaway after more than six decades at the helm, transitioning to the role of chairman emeritus while remaining on the board. His son Howard Buffett will take over as chairman, following Greg Abel's earlier appointment as CEO less than a year ago. Buffett, 96, cited his age in a shareholder letter while expressing confidence in Berkshire's future.
Berkshire Hathaway repurchased $4.5 billion of its own shares as Greg Abel prepares to take over from Warren Buffett as CEO. The move signals confidence in the company's future value without Abel making any public statements about his leadership plans.