Berkshire Hathaway said Tuesday that Warren Buffett will resign from the chairmanship, effective immediately, and that Howard Buffett will assume the role.
Buffett, 96, has guided the conglomerate for 56 years, turning a New England textile firm into a $1.5 trillion investment juggernaut.
Greg Abel, who took the CEO reins in January, said Howard will guard the company’s culture while he runs day‑to‑day operations.
In a letter to shareholders, Buffett pledged that Berkshire remains in capable hands and that he will continue as a director and chairman emeritus.
Buffett has donated $66 billion in stock since 2006 and steered Berkshire to a 19.9% compounded annual return, nearly double the S&P 500’s 10.4%.
The board will vote on Howard’s appointment at the upcoming annual meeting on April 12, and shareholders will confirm the succession plan.