Warren Buffett Steps Down as Berkshire Chairman. How Will Stock React?

Warren Buffett stepped down as Berkshire Hathaway chairman on Friday and handed the seat to his son, Howard Buffett. The board named him chairman emeritus, a title that keeps him on the board without running it. Greg Abel remains chief executive.

He continues to make the day-to-day calls and decide where Berkshire’s money goes. Buffett Steps Down as Berkshire Chairman After 56 Years Howard Buffett has sat on the board since 1993, longer than his father spent in business before taking over Berkshire at 34.

Susan Decker stays lead independent director. Chairman emeritus is an honorary title. It carries no command over the company. The elder Buffett, who turned 96 last month, framed the change as a formality in a letter to shareholders.

“He has been making the decisions that matter for some time now, and I have not had to think twice about any of them,” the announcement stated, citing Warren Buffet, now Berkshire Hathaway chairman emeritus. Class A shares closed Thursday at $763,936, down 2.10%.