96-year-old Warren Buffett steps down from leading Berkshire Hathaway
The famous American investor and billionaire Warren Buffett has handed over the position of Chairman of the Board of Directors of Berkshire Hathaway to his son, Howard Buffett. He announced this in a letter to shareholders, published along with official confirmation of the personnel changes.
Warren Buffett reminded that he turned 96 on August 30, and he has been working at Berkshire Hathaway for over 60 years — since 1965. He also noted the activities of Greg Abel, to whom he handed over the position of CEO of the company in 2025, stating that Abel fully met his expectations.
The businessman explained that now is the most suitable moment to complete the transition. He will become honorary chairman and remain a member of the board of directors, while his son Howard will take over as chairman. Howard Buffett will turn 72 in December, and has already been on the Berkshire Hathaway board of directors for 33 years.
According to Warren Buffett, Greg Abel will manage the company, and Howard will preserve its corporate culture and values. Buffett compared his son to a kind of insurance for shareholders, which they hope never to need, but which must be there if necessary.
In his letter, the billionaire wrote that time always takes its toll, but it has been very kind to him personally. Buffett stated that Berkshire Hathaway's current position allows him to look to the company's future with more confidence than ever, believing it is in safe hands.
Berkshire Hathaway confirmed Howard Buffett's election as Chairman of the Board of Directors in accordance with the long-standing succession plan. Warren Buffett immediately received the position of honorary chairman in recognition of his significant contribution to the company's development.
Since 1999, Howard Buffett has headed a charitable foundation bearing his name, focusing on global food security and conflict mitigation. For almost ten years, he also served as a goodwill ambassador for the UN World Food Programme, aimed at combating hunger.
In his time, Warren Buffett transformed a struggling textile company into an investment empire. Currently, Berkshire Hathaway's value exceeds 1 trillion dollars. Buffett's personal net worth is estimated at 114.7 billion dollars, which, according to Forbes' ranking, places him tenth among the world's richest people.
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