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Why is Bullish stock rallying today?
Warren Buffett Shifts to Emeritus Role as Son Howard Becomes Berkshire Chair
Warren Buffett transitioned from chairman to chairman emeritus of Berkshire Hathaway, effective Friday (Sept. 18), and will remain a member of the board of directors, Berkshire Hathaway said in a Friday press release.
In a letter to shareholders accompanying the release, Buffett said his recent 96th birthday and the performance of Greg Abel as the company’s CEO, which has exceeded Buffett’s expectations, made this the right time for the transition.
Buffett said that Father Time “has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”
Buffett will be succeeded as chairman by Howard Buffett, who is Buffett’s son and has been a Berkshire Hathaway director since 1993, chairman and CEO of the Howard G. Buffett Foundation, a charitable foundation, since 1999, and a director of several public and private company boards, according to the letter and the release.
Howard Buffett was elected by the Berkshire Hathaway board to be chairman, in accordance with the company’s longstanding succession plan, per the release.
Warren Buffett said in the release: “Greg [Abel] runs the company; Howard will guard its culture and values — both worth more than anything on our balance sheet.”
Abel said in the release: “Warren’s impact on Berkshire and its owners is without parallel in the history of American business. The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”
Speaking of Howard Buffett and Lead Independent Director Susan Decker, Abel said: “We are grateful to Howard for the care, discipline and deep understanding of Berkshire he will bring to his new role, and to Sue Decker for her continued leadership and valued contributions as Lead Independent Director.”
Berkshire Hathaway announced in May 2025 that Warren Buffett, who was the company’s chairman and CEO at the time, said he would recommend to the board that it appoint Abel to become president and CEO on Jan. 1, 2026. Abel was Berkshire Hathaway’s vice chairman non-insurance operations at the time.
On the following day, the board voted unanimously to appoint Abel to those roles and said that Warren Buffett would remain chairman.
After these announcements, PYMNTS reported in May 2025 that Warren Buffett’s decision ended one of the longest, most closely watched tenures in corporate America and set off a flood of tributes.
In that report, PYMNTS CEO Karen Webster and QED Investors Partner Amias Gerety shared their own tributes, using five of Buffett’s best-known maxims as guideposts.
In October 2009, in an interview marking the launch of PYMNTS.com, Buffett shared his thoughts on the payments industry and the economy at large.
Source: PYMNTS.com