Warren Buffett has stepped down as the Berkshire Hathaway chairman after holding the position since 1970. The 96-year-old will remain on Berkshire’s board as the chairman emeritus.
The Chairman Emeritus position is an honorary role given to a former chairman in recognition of his long association and contribution to a company.
Famously known as the “Oracle of Omaha”, Buffett is a philanthropist apart from being a business tycoon. His contributions helped the company transition into a conglomerate dealing, along with its subsidiaries, in various businesses, including insurance, utilities and energy, manufacturing, etc.
His net worth is estimated to be around $145 billion, making him the 10th richest person in the world. Also, reports suggest his donations to be around $72 billion. He has also declared to give away 99 percent of his wealth to charity.
Addressing a letter to the shareholders, Buffett said, “I have served Berkshire since 1965. 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.”
His son Howard Buffett is set to be the next chairman of the conglomerate. Greg Abel will continue as Berkshire Hathaway’s Chief Executive Officer and will be responsible for running the company’s day-to-day business. Warren Buffett also made the division of responsibilities clear in a letter to shareholders, saying Abel “has taken hold of the Chief Executive Officer job in every respect” and has been making key decisions for the company.
The business tycoon also highlights the contributions of Abel to the company. He praised Abel for exceeding his expectations, which have been “sky high from the start”. Thus, he said, it is the right time to move on from the position and become the chairman emeritus. Meanwhile, he also hints at his age being one of the factors behind the decision, “Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one. He’s moving a bit faster than I am these days.”
His son Howard Buffett, who is set to take the position of Chairman, has been a Director at Berkshire for 33 years. He has also served as the Chairman and Chief Executive Officer of the Howard G. Buffett Foundation.
Previously, in May 2025, Buffett announced his decision to step down as the CEO of Berkshire Hathaway. He said he would remain a shareholder alongside other investors after stepping down as Chairman.
(With inputs from ANI)
