Warren Buffett resigns as chairman of Berkshire Hathaway

Warren E. Buffett, 96, announced on Friday that he is resigning, effective immediately, as chairman of Berkshire Hathaway. He will become chairman emeritus and remain a member of the board of directors, while the position will be taken over by his son, Howard G. Buffett.

The decision represents the latest step in the long-planned leadership transition for the conglomerate based in Omaha, Nebraska. Greg Abel, 64, took over as chief executive at the end of last year, after Buffett announced his retirement from the role at the company’s annual meeting in May 2025.

Buffett has led Berkshire since 1965 and transformed the former textile mill into a financial and industrial giant. Under his leadership, the company achieved an annual return nearly twice that of the S&P 500 index. Berkshire reported operating profit of $44.5 billion last year and has nearly 400,000 employees.

In a letter to shareholders, Buffett cited the passage of time and said that he considered leading Berkshire “the privilege of his life.” Greg Abel will lead the company, while Howard Buffett will be tasked with protecting its culture and values.

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