Warren Buffett, who is the world's ten richest person, has stepped down from his position as chairman of Berkshire Hathaway, according to an announcement by the conglomerate. The organization further disclosed that his son, Howard, will assume the role of chairman.
Warren Buffett becomes ‘Chairman Emeritus’: Key facts here
Buffett will become the company's "Chairman Emeritus" in “recognition of his extraordinary contributions,” according to a statement released to investors by Berkshire Hathaway.
The billionaire will continue to serve on the board and "offer his valued judgment and perspective," according to the conglomerate.
Less than a year has passed since the 96-year-old resigned as CEO of Berkshire Hathaway.
According to the company, Howard Buffett's election as the new chair is in line with its “long-standing succession plan.”
Buffett's impact on Berkshire is “without parallel in the history of American business,” as per Greg Abel, who succeeded him as the company's CEO earlier this year.
Howard, who is 71 years old, has served as a director on Berkshire's board since 1993 and administers his own charitable foundation.
{{/usCountry}}Howard, who is 71 years old, has served as a director on Berkshire's board since 1993 and administers his own charitable foundation.
{{/usCountry}}What did billionaire Buffet say in his letter to shareholders?
Buffett sent a letter to the shareholders of Berkshire Hathaway along with the announcement. He discussed celebrating his 96th birthday with his family and mentioned working for the company for more than 60 years in the letter. Hailing Abel, Buffet said, “My expectations for him were sky high from the start, and he has exceeded them. He has taken hold of the Chief Executive Officer job in every respect. He has been making the decisions that matter for some time now, and I have not had to think twice about any of them.”
Buffett highlighted his son's 33-year tenure on the company's board and stated that he thought this was the ideal time to complete the transition. The billionaire stated that while his son Howard will "guard its culture and values – both worth more than anything on our balance sheet. Think of Howard as a policy the shareholders own and hope never to claim against," Abel will oversee the business.
He concluded the letter saying, “Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”
What is Warren Buffet's net worth?
Buffett's net worth, according to Forbes, stands at approximately $144.7 billion. Buffett secured the tenth position on the 2026 Forbes 400 ranking of America's most affluent people, which was released earlier this week.