Warren Buffett Steps Down As Berkshire Hathaway Chairman

Warren Buffett is stepping down as chairman of Berkshire Hathaway, according to Kiplinger, marking another step in a leadership transition that began when Greg Abel became CEO in January.

In a letter to shareholders Friday morning, Buffett said "the timing is right" to complete the handoff. He will remain Berkshire's largest shareholder, with holdings worth approximately $145 billion, and will stay on as chairman emeritus and a member of the board.

Howard Buffett, who has served as a Berkshire director for 33 years, will succeed his father as chairman. Buffett noted that his son "put in a longer apprenticeship" than he himself served before taking the reins of the company at age 34.

Buffett, who recently celebrated his 96th birthday, said part of his reason for stepping back is Abel's performance: "My expectations for him were sky high from the start, and he has exceeded them." Abel, a native of Edmonton, Alberta, was designated CEO successor in 2021 and first appeared alongside Buffett and Charlie Munger at Berkshire's annual meeting in 2022.