Warren Buffett hands Berkshire chair to son
Warren Buffett steps down as chair of Berkshire Hathaway after over 50 years
Saturday, 19 September 2026
Warm-up
- Who is a business leader you admire? Why?
- What makes a good successor for a company leader?
- Have you ever read advice about investing? What was it?
Vocabulary
- conglomerate
- A very large company that owns many different businesses.
- successor
- The person who takes a job after someone else leaves it.
- shareholder
- A person who owns shares in a company.
- emeritus
- Retired from a job but keeping an honorary title.
- textile
- Related to cloth or fabric and the industry that makes it.
- transition
- The process of changing from one person or thing to another.
- investor
- A person or company that puts money into something to earn more.
- reputation
- The opinion people have about someone or something over time.
Reading
Warren Buffett, 96, is stepping down as chair of Berkshire Hathaway, which he turned from a faltering textile mill into a $1tn conglomerate. His son, Howard Buffett, 71, becomes chair in a long-planned transition.
In a letter to shareholders, Buffett wrote, "Father Time always wins," and cited age. He will remain chair emeritus and a director. Buffett left the CEO job in May 2025; vice-chair Greg Abel became CEO after announcing it at the shareholder meeting in Omaha.
Known as the "Oracle of Omaha", Buffett built a reputation as a careful investor. Berkshire owns businesses in construction, manufacturing, consumer goods and insurance, and holds large stakes in Nvidia, Apple, Amazon, Alphabet and Meta. Bloomberg puts his net worth at $145bn, the world's tenth richest.
Howard Buffett has served on the board since 1993 and was named as successor years ago. Abel said Berkshire's culture and values will continue under Howard.
Comprehension
- Who will replace Warren Buffett as chair of Berkshire Hathaway?
- What reason did Buffett give for stepping down as chair?
- What roles will Buffett keep after leaving the chair position?
- Who became CEO of Berkshire Hathaway in 2025?
- Name two stock market companies in which Berkshire holds big stakes.
Grammar focus
Modals for past deduction
Use modals + have + past participle to judge what was likely in the past. Strong evidence -> must have + past participle; weaker possibility -> might/may/could have + past participle; negative deduction -> can't have + past participle. (Examples constructed.)
- Observers, given his age, **must have thought** a transition was needed.
- Some readers, after the letter, **might have wondered** what would happen next.
Grammar exercise
Complete the sentences with the correct form of the verb in brackets.
- Given his age, observers (assume) ___ the move had been planned.
- Seeing he left the CEO job, shareholders (suspect) ___ a long plan.
- When the change happened, people (believe) ___ the decision was final.
- No earlier signs existed, critics (conclude) ___ it was sudden.
- After the letter, some readers (speculate) ___ about what comes next.
Discussion
- Is it better for a family member to be a company's successor? Why?
- What qualities should a chair of a large company have?
- Should leaders step down at a certain age? Give reasons.
- How does a company's reputation affect your trust as a customer?
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