Howard G. Buffett, 71, has been appointed chairman of Berkshire Hathaway following his father Warren E. Buffett's retirement.

The younger Buffett, who has served on the board since 1993, will not oversee day-to-day operations. Gregory E. Abel, 64, continues as chief executive, managing the company's vast investments and daily business.

The transition maintains stability at the trillion-dollar conglomerate, which holds major stakes in Geico, Apple, and Coca-Cola. Howard Buffett, known as "Howie," spent his early career managing family farms before joining Archer Daniels Midland. He resigned in 1995 over price-fixing concerns.

He now leads a 1,500-acre farm in central Illinois and operates a 400-acre Nebraska operation. Beyond agriculture, he established Bioimages and a charitable foundation focused on Ukraine mine clearing and environmental protection. Warren Buffett emphasized that his son will guard the company's "culture and values," stating, "I feel I'm prepared for it because he prepared me." Investors will watch Abel closely as he follows a towering figure.

Erik Gordon, a business professor, noted the difficulty of the succession.