Warren Buffett is further reducing his roles at Berkshire Hathaway, handing the chairman position to his son Howard shortly after turning 96. The company announced the change on Friday, confirming that Buffett will remain on the board as "chairman emeritus" and continue offering his perspective.
With a conservative investment approach built on intrinsic value, Buffett transformed Berkshire Hathaway from a struggling textile mill into one of the world's ten most valuable companies. The firm is now listed on the New York Stock Exchange with a market capitalization of roughly $1.1 trillion.
The chairmanship move completes a succession plan set in motion at the turn of the year, when Buffett transferred the chief executive role to Greg Abel. In a letter to shareholders, Buffett said his expectations for Abel had been "boundless from the outset" and had been exceeded. "So the time has come to complete the transfer," he wrote. "I've been working for Berkshire since 1965, and I still have the best job in the world," he added, noting that "death always wins, but it has been magnanimous toward me."
Howard Buffett has been with Berkshire Hathaway since 1993, serving on numerous supervisory and administrative boards. Warren Buffett acknowledged the deliberate pace of the transition: "This has been a longer apprenticeship than I had when I took hold of the reins at 34." He described Greg Abel as the operator running the company and Howard as the guardian of its culture and values.
Howard Buffett has also led the Howard Buffett Foundation since 1999, which focuses on improving global food security and resolving conflicts worldwide.
