Warren Buffett steps down as Berkshire Hathaway chairman; son Howard takes over - The Indian Express

Warren Buffett is stepping down as chairman of Berkshire Hathaway after serving in the role for more than 50 years. The company said Friday that the 96-year-old Buffett will become chairman emeritus and will take on his new role immediately.

“Father Time always wins. He has, however, been ⁠generous with ​me,” Buffett wrote in a letter to shareholders.

His son, Howard, will become Berkshire Hathaway’s new chairman. Howard Buffett has served as a Berkshire Hathaway board member since 1993. Warren Buffett will remain a director. He has served as Berkshire Hathaway’s chairman since 1970.

Buffett stepped down as CEO of the company late last year. He was succeeded by Greg Abel.

“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.

Buffett transformed the company from a struggling textile business into an investment giant ⁠worth more ⁠than $1 trillion.

Known for his long-term strategy and focus on ⁠buying high-quality ‌businesses at reasonable prices, ​Buffett delivered steady gains that outpaced ‌broader markets, making him a trusted steward of capital.

Buffett ​built Berkshire into an approximately $1.03 trillion conglomerate ⁠with dozens of businesses, including GEICO car insurance, the BNSF railroad, Berkshire Hathaway Energy, Dairy Queen ice cream, Fruit of ‌the Loom underwear and Squishmallows plush toys.

“The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Abel said in a statement on Friday.

Buffett’s influence has extended far beyond Berkshire, shaping generations of corporate leaders and investors with his emphasis on long-term thinking, disciplined capital allocation and ⁠straightforward management.

CEOs across Corporate ⁠America have looked to him as a sounding board on everything from acquisitions and succession to navigating periods ⁠of market ‌turmoil, while his annual shareholder meetings became a gathering point ​for investors seeking insight into the broader business ‌landscape.

Buffett first announced plans to step away from the conglomerate in May 2025, surprising shareholders and analysts despite his age. After ‌decades at the helm, ​he had ​become synonymous with ​the company, making his succession one of the most closely watched in corporate America.

In August, Berkshire said ​it began reducing its enormous stockpile of cash in ⁠the second quarter, investing billions of dollars in stocks such as Alphabet and repurchasing billions of its own, as it reported higher-than-expected profit.

Its quarterly operating ‌profit rose ⁠16% to $12.98 billion, topping analyst forecasts, while net income more than doubled to $25.67 billion, including unrealised gains and ​losses on stocks that Omaha, Nebraska-based Berkshire still owns.

The Express Global Desk at indianexpress.com which delivers authoritative, verified, and context-driven coverage of key international developments shaping global politics, policy, and migration trends. The desk focuses on stories with direct relevance for Indian and global audiences, combining breaking news with in-depth explainers and analysis. A major focus area of the desk is US immigration and visa policy, including developments related to student visas, work permits, permanent residency pathways, executive actions, and court rulings. The Global Desk also closely tracks Canada’s immigration, visa, and study policies, covering changes to study permits, post-study work options, permanent residence programmes, and regulatory updates affecting migrants and international students. All reporting from the Global Desk adheres to The Indian Express’ editorial standards, relying on official data, government notifications, court documents, and on-record sources. The desk prioritises clarity, accuracy, and accountability, ensuring readers can navigate complex global systems with confidence. Core Team The Express Global Desk is led by a team of experienced journalists and editors with deep expertise in international affairs and migration policy: Aniruddha Dhar – Senior Assistant Editor with extensive experience in global affairs, international politics, and editorial leadership. Nischai Vats – Deputy Copy Editor specialising in US politics, US visa and immigration policy, and policy-driven international coverage. Mashkoora Khan – Sub-editor focusing on global developments, with a strong emphasis on Canada visa, immigration, and study-related policy coverage. ... Read More