Warren Buffett’s farewell letter as Berkshire Hathaway chairman includes a big vote of confidence for Greg Abel

Warren Buffett has stepped down as chairman at Berkshire Hathaway Inc., effectively immediately. Buffett, 96, will become chairman emeritus and remain as a member of the board of directors. His son, Howard Buffett, will take over as chairman of the board after serving as a Berkshire Hathaway director for 33 years. “Serving as your chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Buffett said in a letter to Berkshire’s shareholders. “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.” He added that the “company is in excellent hands, and I look forward to remaining a shareholder alongside you.” Today marks the next step of Buffett’s transition from power In May 2025, Buffett announced he would step down as CEO. Greg Abel, Buffett’s right-hand man at Berkshire Hathaway and then vice chair of non-insurance operations, stepped into the role on January 1 of this year. In today’s letter to stockholders, Buffett credited Abel as a reason he felt comfortable stepping down as chairman. “My expectations for him …