Warren Buffett steps down as chairman of Berkshire Hathaway, succeeded by his son

After more than six decades at the helm of Berkshire Hathaway, Warren Buffett has decided to step down as chairman of the board, a position that will pass to his son, Howard Buffett.

The decision marks a new stage in the long-planned succession process at one of the largest conglomerates in the United States.

In a letter to shareholders, Warren Buffett announced that he would remain a member of the board and serve as chairman emeritus in an advisory capacity. He said he would contribute “his judgment and perspective.”

“The time is right to complete the transition,” he wrote, referring to his age of 96 and his family.

The development comes about nine months after Buffett handed Greg Abel the position of chief executive officer, transferring responsibility for the company’s day-to-day management and strategy.

Greg Abel will continue to lead corporate strategy and make decisions related to capital allocation, while Howard Buffett will have a primarily supervisory role on the board.

Howard Buffett’s main duty will be to protect the “culture and values” that characterize Berkshire Hathaway. He has been a member of the board since 1993 and has more than three decades of experience at the company led by his father.

Howard Buffett has also worked as a farmer, philanthropist and sheriff, bringing a profile different from that of Warren Buffett.

Warren Buffett took control of Berkshire Hathaway in 1965, when it was a struggling textile company in New England. In the decades that followed, he transformed the business into a global conglomerate worth around $1.1 trillion.

Berkshire Hathaway’s current portfolio includes well-known companies such as auto insurer GEICO, restaurant chain Dairy Queen and railroad company BNSF.

Buffett’s investment approach has relied particularly on value investing: finding companies with solid fundamentals, buying their shares at prices considered reasonable and holding them for long periods.

Through his annual letters to shareholders and Berkshire Hathaway’s annual meetings, he has become one of the most influential figures in finance.

His departure as chairman has not been presented as a sudden change in the company’s leadership. Berkshire Hathaway has assured investors that day-to-day operations will continue under Greg Abel’s leadership, while Howard Buffett will primarily perform supervisory duties on the board.