Berkshire Hathaway has named Howard Buffett as chair, succeeding his father Warren Buffett, 96, who transitions to chair emeritus. Warren, who led the company since 1965, transformed Berkshire from a New England textile maker into a $1.1 trillion conglomerate spanning railways, utilities, and insurance. Howard, 71, has served on the Berkshire board since 1993 and runs his own charitable foundation.

Greg Abel remains chief executive, having taken the role earlier this year. In a letter to shareholders, Warren stated that Greg runs the company while Howard will guard its culture and values. Berkshire noted this succession was part of a longstanding plan.

Susan Decker continues as lead independent director. Based in Omaha, Nebraska, Berkshire shares slipped 0.9 per cent in pre-market trading following the announcement. Howard's elevation marks the latest change at the top of the company after Greg Abel replaced Warren as chief executive at the start of the year.