Warren Buffett Steps Down as Berkshire Chairman, Son Howard Elected

Warren Buffett has stepped down as chairman of Berkshire Hathaway effective immediately and will become chairman emeritus while remaining on the company’s board. His son, Howard Buffett, a Berkshire director since 1993, was elected chairman under the conglomerate’s long-standing succession plan. Greg Abel will continue as chief executive, and Susan Decker will remain lead independent director. Buffett said age had caught up with him but expressed confidence in Berkshire’s future, while Abel said Howard would safeguard the culture and values Buffett established. Buffett transformed Berkshire from a struggling textile company into a sprawling financial and industrial conglomerate and delivered decades of exceptional shareholder returns.