Warren Buffett has officially stepped down as chairman of Berkshire Hathaway. The company announced that he will now serve as honorary chairman and remain a member of the board of directors.
Howard G. Buffett has been elected as the new chairman of the board. Susan L. Decker will continue her role as the lead independent director. Greg Abel remains the company's chief executive officer.
Buffett previously stepped down as CEO on January 1, 2024, ending a 60-year tenure in that position. He has been with the company since 1965.
Berkshire Hathaway reported that its market value grew by 5,502,284% between 1965 and the end of 2024. During the same period, the S&P 500 index total return was 39,054%.
Howard G. Buffett has served on the Berkshire Hathaway board for 33 years. The company stated that his role will focus on protecting the firm's culture and values.
