Buffett Will Step Down as Chairman of Berkshire's Board of Directors

Billionaire Warren Buffett will step down as chairman of the board of directors of Berkshire Hathaway, the company announced. It released Buffett's letter to shareholders.

“Father Time always wins. However, he has been generous to me. He has given me the opportunity to see Berkshire reach a milestone at which I am more confident about the future than ever before,” the businessman wrote.

Buffett will become chairman emeritus and retain his seat on the Berkshire Hathaway board of directors. His son, Howard Buffett, will succeed him as chairman in accordance with a long-term succession plan, Berkshire noted. Howard Buffett has served on Berkshire’s board of directors since 1993. Susan Decker will continue to serve as lead independent director.

“I recently celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who just turned one. He moves a little faster than I do these days. I’ve served Berkshire since 1965. More than 60 years later, I still have the best job in the world,” Buffett wrote.

Buffett is stepping down from his post just over nine months after taking it, handing over the role of CEO of Berkshire to 64-year-old Greg Abel. Buffett first announced his resignation as CEO at Berkshire’s annual meeting in May 2025, which came as a surprise to those in attendance.

This article was AI-translated and verified by a human editor