Buffett Formally Resigns as Chairman of Berkshire Hathaway

Odaily News: 96-year-old Warren Buffett has formally resigned as Chairman of Berkshire Hathaway (BRK.A, BRK.B), transitioning to Chairman Emeritus and remaining on the board effective immediately. His eldest son, Howard G. Buffett, succeeds him as Chairman, while lead independent director Susan Decker will remain in her role.

This marks another key milestone in Berkshire's multi-year management succession process. Greg Abel officially took over as Chief Executive Officer on January 1 of this year, overseeing the company's capital allocation, investments, and operations management. With the chairman position now handed to Howard, the chairman and CEO roles that had long been concentrated in Buffett alone are now borne by two separate successors.

In his shareholder letter that day, Buffett said: "Father Time always wins." He noted that time has been generous enough to allow him to see Berkshire reach a position that gives him more confidence in its future than ever before. Regarding the new power structure, he offered a more direct division of responsibilities: "Greg runs the company, and Howard safeguards the company's culture and values."