<\/p>\n
Berkshire Hathaway founder Warren Buffett is stepping down as the company\u2019s chairman to be replaced by his son Howard, the latest step in the succession process at one of the world\u2019s most storied investment titans.<\/p>\n
The billionaire will become chairman emeritus of the company with immediate effect, according to a statement Friday. The elder Buffett will remain a member of the board while his son, a director of the company since 1993, steps into the top role.<\/p>\n
\u201cWarren\u2019s impact on Berkshire and its owners is without parallel in the history of American business,\u201d said Greg Abel, who replaced Buffett earlier this year as the company\u2019s chief executive officer. \u201cThe culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.\u201d<\/p>\n
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Buffett, 96, relinquishes the chairmanship after roughly six decades at the helm of the Omaha, Nebraska-based company, which was once an ageing textile mill that the legendary investor later turned into a more than $1 trillion conglomerate. In a letter to shareholders, Buffett said he made the decision to step down after Abel exceeded his \u201csky high\u201d expectations as CEO.<\/p>\n
\u201cHe has been making the decisions that matter for some time now, and I have not had to think twice about any of them,\u201d Buffett wrote. \u201cSo the timing is right to complete the transition.\u201d<\/p>\n
Abel has already begun deploying the company\u2019s vast cash pile, including in share buybacks. Berkshire Hathaway\u2019s stock price has largely stayed flat this year.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Warren #Buffett #steps #Berkshire #chair<\/p>\n","protected":false},"excerpt":{"rendered":"
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