Warren Buffett has stepped down as chairman of Berkshire Hathaway at age 96, marking the conclusion of a long-planned leadership transition at the US business conglomerate. His son Howard takes over as chairman, with Buffett moving to a non-executive advisory position as chairman emeritus and remaining on the board to offer guidance. This follows Greg Abel's appointment as chief executive nine months earlier, completing an orderly handover of the company Buffett has led for six decades.

Buffett transformed Berkshire Hathaway from a struggling New England textile mill in 1965 into a $1.1 trillion global enterprise. The company now owns well-known brands including GEICO car insurance, Dairy Queen, and BNSF railway, alongside major shareholdings in Apple and Coca-Cola. Howard Buffett, a former farmer and philanthropist with over three decades of board experience, will focus on preserving the firm's culture and values, whilst Greg Abel continues managing corporate strategy and capital allocation.