Warren Buffett, 96, leaves Berkshire Hathaway chairmanship for Howard Buffett
Big change at Berkshire Hathaway: Warren Buffett, who has been the face of the company for decades, is stepping down as chairman at age 96.
He is not disappearing, though. He will stick around on the board as chairman emeritus.
His son, Howard Buffett, is taking over as chairman, following a plan that has been in place for years.
Susan Decker will stay on as lead independent director to help keep things steady.
Greg Abel praises Buffett, predicts transition
CEO Greg Abel called Warren's impact "Warren's impact on Berkshire and its owners is without parallel in the history of American business," and said his values will keep shaping the company even with Howard in charge.
Howard has been on the board since 1993 and knows Berkshire inside out, so expect a smooth transition with Warren still offering his valued judgment and perspective.