The 96 year old investor stepped aside from his lead board position on Friday, concluding a period of control that began in 1965. His son, Howard Buffett, who has served as a company director for 33 years, assumes the chairmanship of the $1 trillion conglomerate. Greg Abel maintains his position as chief executive officer, having replaced Warren Buffett in that role at the start of the year. The transition was announced in a letter to shareholders on September 18, marking a formal change in the firm's governance structure.

Warren Buffett will transition to the role of chairman emeritus to provide ongoing guidance and advice. Howard Buffett will focus on preserving the company's culture and values, while Greg Abel continues to run the conglomerate's daily operations. In his announcement, Buffett stated that Abel has exceeded his expectations as CEO, making the timing appropriate to finalize the leadership handover.