Warren Buffett Steps Down as Berkshire Hathaway Chairman After 56 Years; Son Howard Takes Over

Warren Buffett has stepped down as chairman of Berkshire Hathaway, effective immediately, ending a run in that role that stretches back to 1970. He is 96 years old.

Buffett's son, Howard Graham Buffett, 71, is the new chairman. Howard has sat on Berkshire's board since 1993 and will serve as a non-executive chairman, meaning day-to-day leadership stays with CEO Greg Abel, who took over that role at the start of the year. Howard has described his job as protecting Berkshire's culture rather than running its operations.

Howard Buffett's resume looks little like a typical corporate chairman's. He has farmed thousands of acres in Illinois, served as an elected county sheriff, and photographed war zones and endangered species in more than 100 countries. He also runs the Howard G. Buffett Foundation, which has committed more than $1 billion to conflict-affected regions.

In a letter to shareholders, Buffett wrote: "Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead."

Buffett becomes chairman emeritus, an honorary title, and will remain a member of Berkshire's board. He is not leaving the company. Howard has said the transition will change his own life significantly, noting the shift from his more hands-on philanthropic and civic work to a more institutional, advisory role at the top of one of the world's largest companies.