Buffett Steps Down as Berkshire Chairman After Six Decades

New York — Warren Buffett, 96, stepped down Thursday as chairman of Berkshire Hathaway, ending six decades at the helm of the conglomerate he built from a failing New England textile mill, according to a letter to shareholders posted by the company and reported by the BBC. The move completes a transition that began nine months earlier, when Buffett handed the chief executive role to Greg Abel.

Who succeeds Buffett as chairman?

Howard Buffett, his son and a Berkshire director since 1993, becomes non-executive chairman, the BBC reported. His central duty, the company said, will be protecting Berkshire's "culture and values." A former farmer, philanthropist and sheriff, Howard brings more than three decades of board experience to the post. Abel, who assumed the chief executive role nine months ago, continues to manage corporate strategy and capital allocation, according to the BBC.

What role does Warren Buffett keep?

Buffett will serve as chairman emeritus and remain a Berkshire director, offering what he described as his "judgement and perspective," according to the letter cited by the BBC.

What did Buffett say about the timing?

"The timing is right to complete the transition," he wrote, noting he had just turned 96 and that one of his great-grandchildren had recently marked a first birthday and "is moving a bit faster" than he is. Buffett called the chairmanship the "privilege of a lifetime," while acknowledging that "Father Time always wins."

How big is Berkshire Hathaway today?

• 1965: Buffett takes control of Berkshire Hathaway, then a struggling textile mill.
• $1.1 trillion (£822 billion): Company's current valuation, according to the BBC.
• 96: Buffett's age at the time of the handover.
• Holdings now include GEICO, Dairy Queen and the BNSF railway system, plus large equity stakes in Apple and Coca-Cola.

What is Buffett's investing legacy?

Known as the "Oracle of Omaha," Buffett built his reputation on "value investing" — buying companies with solid fundamentals at fair prices and holding them for decades, the BBC reported. His annual shareholder letters and festival-like annual meetings turned him into a leading mentor across the financial world. Buffett has also spoken publicly of drinking five cans of Coca-Cola a day, a habit tied to one of the firm's longtime holdings, according to the BBC.

Why is the transition considered orderly?

The change follows a sequence laid out nine months earlier, when Buffett handed the chief executive title to Abel while Howard took on non-executive board duties, the BBC reported. Berkshire has said daily operations will remain steady under the new structure, with authority split between Abel's strategic role and Howard's oversight of the company's institutional character.

What happens next?

Buffett remains on Berkshire's board as chairman emeritus, a position that keeps him available to Abel and Howard without day-to-day operating duties, according to the letter cited by the BBC. No date for a further change in his board status was disclosed in the material reviewed by the BBC.