Skip to contentSwipe for next articleIndependent Bulletin homepageDownload our appAllNewsSportCultureLifestyleWant to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.Subscribe`; document.body.appendChild(modal); modal.addEventListener('click', () => { document.cookie = 'mos-plan-select=; Max-Age=0; path=/; expires=Thu, 01 Jan 1970 00:00:00 UTC;'; }); modal.querySelector('.subscribe-link')?.addEventListener('click', (e) => { e.preventDefault(); document.cookie = 'mos-plan-select=; Max-Age=0; path=/; expires=Thu, 01 Jan 1970 00:00:00 UTC;'; setTimeout(() => { window.location.href = 'https://www.independent.co.uk/subscribe/app'; }, 500); });});]]>Warren Buffett is stepping down as chairman of Berkshire Hathaway after leading the conglomerate for over 50 years, transitioning immediately into the role of chairman emeritus.Buffett's son, Howard Buffett, who has served on the Berkshire Hathaway board since 1993, will assume the position of chairman as part of a long-planned succession.The transition follows Greg Abel taking over as chief executive officer at the start of the year, with Buffett expressing complete confidence in both Abel and Howard to lead the firm forward.During his tenure as chief executive, Buffett guided Berkshire Hathaway to nearly double the returns of the S&P 500, achieving a 19.9 percent compounded annual growth rate compared to the index's 10.4 percent gain.Buffett, who has served the company since 1965 and accumulated a fortune exceeding $140 billion, will remain a director on the board while continuing his extensive philanthropic efforts.In fullWarren Buffett steps down as Berkshire Hathaway chairman after 56 yearsMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in