Buffett Steps Down as Berkshire Chairman, Son Howard Takes Over
Warren Buffett has stepped down as chairman of Berkshire Hathaway after serving for an impressive 56 years. He handed over the reins to his son, Howard Buffett, who will take on the role of non-executive chairman. Greg Abel remains chief executive and continues to make key decisions.
The elder Buffett framed the change in a letter to shareholders as 'a formality', stating that he has not had to think twice about any of the important decisions made by his son. This comes after Class A shares closed at $763,936 on Thursday, down 2.10%, and Class B shares finished at $509.20, a 2.04% drop.
Howard Buffett's background is not in finance or business, but rather in farming, food security, and landmine clearance. He has run the Howard G. Buffett Foundation since 1999 and served as a United Nations goodwill ambassador against hunger. As chairman emeritus, he will still be on the board but without command over the company.
The new setup keeps Greg Abel in charge of making day-to-day decisions and allocating Berkshire's cash pile, which currently stands at a record $397 billion. Whether Abel will shift the anti-Bitcoin stance that has been maintained under his leadership remains to be seen.