Warren Buffett steps down as Berkshire Hathaway chairman — CNBC
In the United States, investor Warren Buffett is stepping down as chairman of the board of directors of Berkshire Hathaway, the conglomerate he has led since 1965. The 96-year-old Buffett announced this in a letter to shareholders, CNBC reports. He will immediately become honorary chairman of the board and retain his seat on it.
Howard Buffett will become successor
Howard Buffett, the investor's son, will take over as chairman of the board of directors of Berkshire Hathaway, as envisaged by the company's long-standing succession plan. Susan Decker will remain the lead independent director.
Greg Abel, 64, has been the company's chief executive officer for more than nine months. Buffett announced his departure from the CEO position at the annual shareholders' meeting in May 2025, but retained the post of chairman of the board at that time.
In the letter, Buffett noted that age is taking its toll, while he remains confident in Berkshire Hathaway's future. According to him, Abel manages the company, while Howard Buffett is to safeguard its culture and values. In a company statement, Abel said that the culture and values established by Buffett would remain at the core of Berkshire Hathaway.
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The company and its performance
Berkshire Hathaway is based in Omaha, Nebraska, and is valued at approximately $1 trillion. At the age of 34, Buffett took over a loss-making textile mill in New England and over the following decades turned it into a financial-industrial conglomerate.
Last year, the company's operating profit amounted to $44.5 billion, while its workforce totaled nearly 400,000 employees. During Buffett's leadership, the average annual total return for shareholders was 19.7%, nearly twice that of the S&P 500 index.
In 2026, Berkshire Hathaway shares rose by only 1%, while the S&P 500 gained more than 11%. The company has $365.5 billion in cash, and in the second quarter increased its share repurchases to $4.5 billion. Buffett highly praised Abel's work, saying that he had exceeded his initial expectations.
