Buffet Steps Down As Berkshire Chairman — Howard Takes The Seat

Warren Buffett is stepping down as chairman of Berkshire Hathaway, effective immediately, and will become chairman emeritus.

Howard Buffett, Warren’s son and a Berkshire director since 1993, has been named the new chairman.

Greg Abel took over as Berkshire’s CEO nine months ago as part of the company’s planned succession.

Buffett, 95, is credited with transforming Berkshire from a struggling textile company into a $1.1 trillion conglomerate and shaping modern investment thinking.

Berkshire’s Class B shares fell 0.3% in premarket trading following the announcement.

The company’s price-to-book ratio has declined from about 1.62 to 1.53 since Buffett announced his CEO succession.

Analysts described the change as the completion of a long-planned leadership transition, rather than a sudden departure.