Warren Buffett is stepping down as chairman of Berkshire Hathaway, with his son Howard G. Buffett set to become chairman while Buffett becomes chairman emeritus and remains on the board. Buffett, 96, will hand the chairman role to Howard G. Buffett, who has served on the board for 33 years, while Susan Decker stays on as lead independent director. The move comes less than a year after Greg Abel became CEO, succeeding Buffett after roughly six decades in the role. Buffett endorsed Abel, saying his expectations for him were sky high from the start and that he has exceeded them, adding that Abel has been making the decisions that matter for some time. Buffett took control of Berkshire in 1965 and transformed a struggling textile company into a diversified conglomerate spanning insurance, railroads, energy, aerospace components, retail, real estate, truck stops and homebuilding, and Berkshire also manages an equity portfolio worth nearly $300 billion. Berkshire shares slipped about 0.1% in Friday premarket trading.
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Alphabet Inc Class CBerkshire Hathaway IncWarren Buffett steps down as chairman with son Howard succeeding; leadership transition at Berkshire, no clear directional driver.
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