Sept 18 (Reuters) - Berkshire Hathaway said on Friday that Warren Buffett will step down as the conglomerate's chairman and will become its chairman emeritus, effective immediately.
Earlier this year, Buffett had stepped down as CEO, handing the reins to longtime lieutenant Greg Abel.
"Father Time always wins. He has, however, been generous with me," Buffett, 96, wrote in a letter to shareholders.
The conglomerate named his son, Howard Buffett, a Berkshire 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.
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 unrealized gains and losses on stocks that Omaha, Nebraska-based Berkshire still owns.
(Reporting by Manya Saini in Bengaluru; Editing by Janane Venkatraman and Sriraj Kalluvila)
