Warren Buffett has stepped down as chairman of Berkshire Hathaway after more than 50 years in the role, according to npr.org and abcnews.com, and the 96-year-old will become chairman emeritus and take on his new role immediately. His son, Howard Buffett, will become the new chairman of the company.

Succession Plan Revealed

Howard Buffett has been a board member since 1993 and is now set to lead the company, while Warren Buffett will remain a director of Berkshire Hathaway, which he has chaired since 1970. He stepped down as CEO of the company late last year, with Greg Abel succeeding him in that role; Abel expressed his admiration for Buffett, stating, ‘Warren’s impact on Berkshire and its owners is without parallel in the history of American business. The culture Warren built and the values he championed will remain core to Berkshire, and Howard will be their guardian.’

Market Reaction and Shareholding

Buffett still holds a significant stake in Berkshire, with shares valued at about $149 billion as of the end of the second quarter, according to 경향신문. Most of his holdings are in A shares, which trade at roughly $750,000 per share (about 1.1 billion KRW), and the more actively traded B shares were around $499 at the previous day’s close. Following Buffett’s announcement of retirement plans at Berkshire’s annual shareholders’ meeting in May, the stock temporarily fell by more than 10%, and However, it has since rebounded and is posting a double-digit return for the year.

Confidence in Leadership Transition

Buffett has reaffirmed his full confidence in Greg Abel, the company’s vice chairman, who now serves as CEO — Buffett’s long tenure as chairman and CEO has shaped Berkshire into a diversified holding company with investments in insurance, railroads, utilities, and consumer goods. His transition from active leadership to an advisory role marks a significant milestone for the company. Despite stepping down from the chairmanship, Buffett remains a key figure within Berkshire, with his continued presence on the board ensuring a smooth transition and continuity in the company’s values and culture.