Topline
Warren Buffett, the 10th-richest person in the world, stepped down from his role as the chair of Berkshire Hathaway, the conglomerate announced, adding that his son Howard will take over as chair.
Warren Buffett decision comes less than a year after he stepped down as the CEO of Berkshire Hathaway.
Copyright 2018 The Associated Press. All rights reserved.
Key Facts
In a statement shared with investors, Berkshire Hathaway said Buffett will be appointed as “Chairman Emeritus” of the company in “recognition of his extraordinary contributions.”
The conglomerate also noted that the billionaire will remain on its board and continue to “offer his valued judgment and perspective.”
The move comes less than a year after the 96-year-old stepped down as Berkshire Hathaway’s CEO.
The company said the election of Howard Buffett as the new chair aligns with its “long-standing succession plan.”
Greg Abel, who took over from Buffett as the conglomerate’s CEO earlier this year, hailed his predecessor, saying his impact on Berkshire is “without parallel in the history of American business.”
What Did Buffett Say In His Letter to Shareholders?
The announcement was accompanied by a letter from Buffett to Berkshire Hathaway’s shareholders. In the letter he talked about celebrating his 96th birthday with his family and mentioned his sixty-plus years at the company. Buffet praised Abel, saying: “My expectations for him were sky high from the start, and he has exceeded them. He has taken hold of the Chief Executive Officer job in every respect. He has been making the decisions that matter for some time now, and I have not had to think twice about any of them.” Buffett added that he believed this was the right time to complete the transition and touted his son’s 33-year stint on the company’s board. The billionaire said Abel will run the company while his son Howard will “guard its culture and values – both worth more than anything on our balance sheet. Think of Howard as a policy the shareholders own and hope never to claim against.” Buffett closed off the letter saying: “Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”
forbes valuation
We estimate Buffett’s net worth at $144.7 billion, making him the world’s 10th-richest person on the Forbes Real Time Billionaires list. Buffet also ranked 10th on the 2026 Forbes 400 list of the America’s wealthiest people published earlier this week.
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