Warren Buffett took control of Berkshire in 1965
Berkshire Hathaway is entering a new chapter as Warren Buffett steps down as chairman after more than 55 years in the role.
The 96-year-old investing legend will become chairman emeritus but will remain a Berkshire director. His son, Howard Buffett, will take over the role, while Greg Abel will continue running the company as CEO.
The change separates two key responsibilities: Abel will manage Berkshire’s vast business operations, while Howard will focus on preserving the corporate culture and values Buffett built over decades.
From textile firm to $1T giant
Buffett took control of Berkshire in 1965, when it was still a struggling New England textile company. He gradually turned it into a global conglomerate by acquiring businesses and using their cash flows to fund new investments.
Today, Berkshire owns businesses across insurance, railroads, utilities, and manufacturing, as well as consumer brands such as Dairy Queen and See’s Candies. The company crossed a $1 trillion market value in 2024. The company’s shares grew more than 5,500,000% over Buffett’s six-decade-plus tenure.
His 71-year-old son will take over immediately. He has been a Berkshire board member for 33 years and previously has served on the boards of Coca-Cola and ConAgra Foods, among other major companies.
He has also served as a county commissioner in Omaha and Sheriff of Macon County, Illinois, for a few years.
Buffett Sr. isn’t completely leaving
He will remain on Berkshire’s board, meaning investors could still hear from him and benefit from his experience. He has also said he remains confident in Abel and Howard.
His influence on Berkshire has been extraordinary. During his tenure, the company produced a 19.9% annualized return, compared with 10.4% for the S&P 500.