Berkshire Hathaway Inc. today announced that Warren E. Buffett has been named Chairman Emeritus, effective immediately, in recognition of his extraordinary contributions to Berkshire and its owners. As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective. Consistent with the company’s long-standing succession plan, the Board has elected Howard G. Buffett, a Berkshire director since 1993, as Chairman of the Board. Susan L. Decker will continue to serve as Lead Independent Director.

Warren Buffett’s comments are set forth in the attached letter to Berkshire’s shareholders.

Greg Abel, Chief Executive Officer, stated on behalf of the entire Berkshire Board of Directors: "Warren’s impact on Berkshire and its owners is without parallel in the history of American business. The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian. We are grateful to Howard for the care, discipline, and deep understanding of Berkshire he will bring to his new role, and to Sue Decker for her continued leadership and valued contributions as Lead Independent Director."

Howard Buffett has served since 1999 as Chairman and Chief Executive Officer of the Howard G. Buffett Foundation, a charitable foundation focused on global food security and conflict mitigation. He served as a United Nations Goodwill Ambassador Against Hunger for the World Food Programme for nearly a decade. He has been a director of numerous public and private company boards, including Agro Tech, Archer Daniels Midland, ConAgra Foods, The Coca-Cola Company, Coca-Cola Enterprises, FirsTier Financial, and Lindsay Corporation – including as Chairman of the Board.