Warren Buffett, 96, Steps Down as Berkshire Hathaway Chair
Buffett ends a six-decade run atop the $1 trillion conglomerate, citing age. Son Howard, 71, takes over as chair.
Warren Buffett is relinquishing the chairmanship of Berkshire Hathaway, the company he transformed over six decades from a struggling textile manufacturer into a $1 trillion conglomerate, citing his advancing age as the primary driver of the transition.
Buffett, 96, will be succeeded as chair by his son Howard, 71, marking a generational handoff at one of the most closely watched corporations in American business history. The elder Buffett offered a characteristically understated rationale for the change, observing that "Father Time always wins" and noting that a one-year-old great-grandchild is now "moving a bit faster than I am these days."
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The departure closes an era defined by Buffett's value-investing philosophy, patient capital allocation, and a management style that made Berkshire a singular institution on Wall Street. Under his stewardship, the Omaha-based firm grew into a sprawling holding company whose subsidiaries span insurance, railroads, energy, retail, and manufacturing.
The succession underscores long-running questions about continuity at Berkshire, a conglomerate whose identity has been inseparable from Buffett's persona for more than half a century. Howard Buffett, a farmer and philanthropist, assumes the chair role as the company navigates a leadership transition that investors and analysts have anticipated for years.
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