Berkshire Hathaway on Friday said that Warren Buffett will step down as chairman and become chairman emeritus, immediately, nine months after handing the CEO reins to longtime lieutenant Greg Abel.
The company named his son, Howard Buffett, a director since 1993, as chairman.
“As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective,” Berkshire said in a statement.
A chairman emeritus is typically an honorary title given to a retired board leader or company founder to recognize their past service and lasting impact.
Warren Buffett is credited with transforming Berkshire from a failing textile company into a $1.1 trillion company while building an investment philosophy that influenced generations of investors and executives, making him one of the most consequential figures in modern corporate America.
Buffett’s reputation has also been reflected in the company’s valuation, with investors for years ascribing a “Buffett premium” to its shares.
The conglomerate’s price-to-book value has fallen since Buffett announced he would step down as CEO, slipping from around 1.62 to 1.53.
Berkshire remains the only financial firm in the trillion-dollar market-value club dominated by technology giants.
Buffett first announced plans to step away from the conglomerate in May 2025, surprising shareholders and analysts despite his age.
Berkshire’s businesses include Geico car insurance, the BNSF railroad, many energy and industrial companies, Dairy Queen ice cream, and grizzled brands such as the World Book Encyclopedia. It also owns hundreds of billions of dollars of both stocks and US Treasuries.