Warren Buffett becomes Berkshire Hathaway chairman emeritus, son Howard takes chairman role

Warren Buffett, the legendary investor who has led Berkshire Hathaway for more than six decades, has stepped down as chairman of the conglomerate and been named chairman emeritus, the company said on Friday, completing a long-planned succession.

Buffett, who turned 96 recently, will remain on Berkshire's board of directors and continue to provide his judgment and perspective to the company.

His son Howard G. Buffett, a Berkshire director since 1993, was elected chairman of the board, while Susan Decker will continue as lead independent director.

The move formalises the transition of leadership at one of the world's most closely watched companies.

Greg Abel has been Berkshire's chief executive since succeeding Buffett in the role and will continue to run the company's operations.

"Greg runs the company; Howard will guard its culture and values," Warren Buffett said in a letter to shareholders released by Berkshire.

Buffett said Abel had exceeded his expectations and had been making the company's key decisions "for some time now."

"So the timing is right to complete the transition," Buffett said.

Howard Buffett new chairman

Howard Buffett, 71, has served as chairman and chief executive of the Howard G. Buffett Foundation since 1999.

The foundation focuses on global food security and conflict mitigation. He also served for nearly a decade as a United Nations goodwill ambassador against hunger for the World Food Programme.

He has served on the boards of several public and private companies, including Archer Daniels Midland, ConAgra Foods, Coca-Cola and Lindsay Corporation.

Berkshire said Howard Buffett's role would focus on protecting the culture and values established by his father, while Abel remains responsible for running the business.

"Warren's impact on Berkshire and its owners is without parallel in the history of American business," Abel said in a statement on behalf of Berkshire's board. "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."

Buffett has led Berkshire since 1965, transforming what was once a struggling textile company into a sprawling conglomerate with businesses spanning insurance and reinsurance, railroads, utilities and energy, manufacturing, services and retailing.

He said he remained confident about Berkshire's future and looked forward to continuing as a shareholder.

"The company is in excellent hands," Buffett said. "I look forward to remaining a shareholder alongside you."