Berkshire Hathaway announced Friday that Warren Buffett, the company’s former chief executive and one of the world’s most admired investors, has been appointed chairman emeritus, effective immediately.
“Father Time always wins. He has, however, been generous with me,” Buffett, 96, wrote in a letter to shareholders.
The conglomerate also named Buffett’s son, Howard Buffett, who has served on Berkshire’s board since 1993, as chairman.
“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.
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Over decades, Buffett remade Berkshire from a struggling textile company into an investing powerhouse valued at more than $1 trillion.
His disciplined, long-term approach—centered on acquiring high-quality businesses at reasonable prices—produced consistent returns that beat broader markets and established him as a widely trusted steward of investors’ capital.
Earlier this year, Buffett stepped down as Berkshire’s CEO, turning over day-to-day leadership to his longtime lieutenant, Greg Abel.
“The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Abel said in a statement.
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