Warren Buffett steps down as Berkshire Hathaway chairman: Here's who will take over and what all will change

Warren Buffett is relinquishing his position as chairman of Berkshire Hathaway following more than five decades in the role.Warren Buffett has announced his transition from chairman to chairman emeritus of Berkshire Hathaway after 50 years. His son, Howard, will now serve as chairman. (AP, File)The organization announced on Friday that the 96-year-old Buffett will assume the title of chairman emeritus and will commence his new position immediately. His son, Howard, will assume the position of chairman at Berkshire Hathaway. Howard Buffett has maintained his position as a Berkshire Hathaway board member since 1993.Warren Buffett steps down: Know what all will change at Berkshire HathawayWarren Buffett will continue to serve as a director. He had held the position of Berkshire Hathaway's chairman since 1970.“Father Time always wins,” wrote Buffett. “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.”Also Read: Trump administration paid employees $9.5 billion not to work in 2025: ReportThe 96-year-old legendary investor resigned from his role as CEO of the organization in the late last year. He was replaced by Greg Abel. Susan Decker will maintain her position as the principal independent director.Last year, Buffett declared he would exit his role as chief executive officer.Greg Abel issues statementGreg Abel, Chief Executive Officer, said on behalf of the entire Berkshire Board of Directors: “Warren’s impact on Berkshire and its owners is without parallel in the history of American business. The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian. We are grateful to Howard for the care, discipline, and deep understanding of Berkshire he will bring to his new role, and to Sue Decker for her continued leadership and valued contributions as Lead Independent Director.”"As Chairman Emeritus, Mr. ‌Buffett ⁠will remain a member of the Board of Directors ​and ​will ⁠continue to offer his valued ​judgment and ​perspective," ⁠Berkshire said in a statement.