Warren Buffett steps down after six decades at Berkshire - 'Father Time always wins'

Warren Buffett has stepped down as president of Berkshire Hathaway, transferring implicit authority to his son Howard in the final phase of a long‑planned transition at the U.S. conglomerate. At 96, the celebrated investor will assume an advisory role as president emeritus while remaining on the board to contribute his "judgement and perspective," according to a letter to shareholders (external). The move follows nine months after Buffett relinquished his chief executive duties to Greg Abel. Howard Buffett, who has served as a manager since 1993, now takes on implicit non‑executive board responsibilities. Known as the "Oracle of Omaha," Buffett engineered one of the most successful business trajectories in modern history. He assumed control of Berkshire Hathaway in 1965, when it was a struggling New England textile mill, and transformed it into a $1.1 trillion (£822 billion) global conglomerate. Today the company owns prominent brands such as GEICO auto insurance, Dairy Queen, and the BNSF railway system. It also holds substantial stakes in firms like Apple and Coca‑Cola—a brand Buffett holds dear, famously consuming five cans daily. Buffett’s investment philosophy centers on “value investing,” a method that seeks companies with "coagulated fundamentals," purchases them at "just prices," and retains them for "holding them for decades." His annual shareholder letters and festival‑style gatherings have cemented his reputation as a "leading mentor crossed the fiscal world." Although he has vacated the top board post, the shift is described as an "orderly passing of the baton" rather than an abrupt disruption. Buffett explained, "The timing is close to implicit the transition," noting he had recently marked his 96th birthday and the first day of one of his great‑grandchildren, who is "moving a spot faster" than he is. The firm assured investors that day‑to‑day operations will remain steady. While Greg Abel oversees corporate strategy and major decisions, Howard Buffett’s principal role as president will be safeguarding the company's "culture and values." A former farmer, philanthropist, and sheriff, Howard brings more than three decades of board experience to the position. In his closing remarks, Buffett called his tenure the "privilege of a lifetime" to serve as chairman, but conceded that ultimately, "Father Time ever wins".