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Buffett steps down as Berkshire chairman, succession plan moves to the next stage

Buffett steps down as Berkshire chairman, succession plan moves to the next stage

C1🇹🇼 中文🇺🇸 English

September 18th, 2026

Buffett steps down as Berkshire chairman, succession plan moves to the next stage

C1
Please note: This article has been simplified for language learning purposes. Some context and nuance from the original text may have been modified or removed.

🇺🇸 English

Warren Buffett will step down as chairman of Berkshire Hathaway, the next stage in the leadership succession at the trillion-dollar conglomerate he has led for more than sixty years.

華倫·巴菲特將卸下波克夏海瑟威董事長一職,這是他領導這家市值1兆美元的企業集團超過六十年後,高層交班的下一步。

The company announced on Friday that Buffett, aged 96, will become chairman emeritus and take up the new role with immediate effect.

該公司週五表示96歲的巴菲特將成為榮譽董事長並立即出任新職

His eldest son, Howard, will become the new chairman of Berkshire Hathaway, as part of a long-planned succession strategy.

他的長子霍華德將成為波克夏海瑟威的新任董事長這是長期規劃的接班計畫的一部分

Howard Buffett has been a member of Berkshire Hathaway's board of directors since 1993.

霍華德·巴菲特自1993年起一直是波克夏海瑟威的董事會成員

Warren Buffett, whom many financial market followers have hailed as the "Oracle of Omaha", will remain on the board as a director.

華倫·巴菲特被眾多金融市場追隨者譽為奧馬哈先知」,他將繼續擔任董事

He has served as chairman of Berkshire Hathaway since 1970, having taken over the struggling New England textile company in 1965.

自1970年起擔任波克夏海瑟威董事長並於1965年接管了這家陷入困境的新英格蘭紡織公司

Greg Abel succeeded Buffett at the start of this year as CEO of the trillion-dollar conglomerate; however, Buffett still comes into the office every day to look for new investments and deals, and to offer advice to Abel.

葛雷格·阿貝爾於今年年初接替巴菲特出任這家市值1兆美元企業集團的執行長然而,巴菲特每天進辦公室尋找新的投資交易機會,並向阿貝爾提供建議

It is not yet clear whether Buffett will now change his daily routine.

目前尚不清楚巴菲特現在是否會改變他的日常安排

In his letter to shareholders, Buffett said, "I have served Berkshire since 1965.

巴菲特在致股東的信中表示:「自1965年以來我一直為波克夏服務

More than sixty years have passed, and I still have the best job in the world.

六十多年過去了我仍然擁有世界上最好的工作

That is not something many people my age can say, and I have never felt so good about the future."

這不是許多同齡人能夠說的話而我對未來從未感覺如此良好。」

Investor Adam Mead, who wrote "The Complete Financial History of Berkshire Hathaway," said that Buffett's decision to take this step now appears intended to preemptively soften the impact of his eventual death on Berkshire.

投資人亞當·米德撰寫了《波克夏海瑟威完整財務史》他表示巴菲特現在採取這一步似乎意在預先減輕自己最終去世時對波克夏的影響。

Berkshire's announcement did not disclose any health problems on Buffett's part, but Mead said, "He is 96 now, so even a cold could serve as a health warning sign."

波克夏的公告並未透露巴菲特有任何健康問題但米德說:「他現在96歲了所以即使是一場感冒也可能成為健康警訊。」

Buffett stated that he has full confidence in Abel's and his son Howard's ability to lead Berkshire Hathaway.

巴菲特表示,他對阿貝爾及其子霍華德領導波克夏海瑟威的能力充滿信心。

He stated, "Greg will be responsible for running the company, while Howard will safeguard its culture and valuesboth of which are worth more than anything on our balance sheet.

他表示:「葛雷格負責經營公司霍華德則將守護其文化與價值觀——這兩者的價值都超過我們資產負債表上的任何東西

Think of Howard as an insurance policy that shareholders own but hope they will never have to claim on."

不妨把霍華德想成一份股東擁有卻希望永遠不必索賠的保單。」

Since being promoted to vice chairman in 2018, Abel has been responsible for overseeing all of Berkshire's non-insurance operations, and as a result he knows each subsidiary inside out, covering BNSF Railway, the utilities and manufacturing businesses, as well as well-known brands such as Dairy Queen and See's Candy.

阿貝爾自2018年升任副董事長後便負責統籌波克夏旗下所有非保險業務,因而對各家子公司瞭若指掌,涵蓋BNSF鐵路公用事業與製造業務以及Dairy QueenSee's Candy等知名品牌

However, Cathy Seifert, an analyst at CFRA Research, pointed out that investors still question whether Abel can properly deploy Berkshire's enormous $365 billion cash position.

然而CFRA Research分析師凱西·塞弗特指出投資人仍質疑阿貝爾能否妥善運用波克夏龐大的3,650億美元現金部位

Seifert said, "Berkshire's stock commands a premium because of its financial strength and this investor renowned for capital allocation.

塞弗特說:「波克夏的股票之所以享有溢價是因為其財務實力,以及這位以配置資本著稱的投資人

I think it's naive to assume that everything will continue as before.

我認為假設一切照舊是天真的

That is not the case.

事實並非如此

What this move magnifies is some of the execution risks in the strategy and the significance of this succession."

此舉放大的是策略中的一些執行風險以及這次交接的重要性。」

Michael Withers, a management professor at the University of Notre Dame's Mendoza College of Business, said that Buffett took a deliberate approach to the succession plan at Berkshire Hathaway and carried out the handover gradually.

聖母大學門多薩商學院管理學教授麥可·威瑟斯表示巴菲特波克夏海瑟威接班計畫採取了深思熟慮的做法逐步完成交接

He said, "Buffett seems to understand that succeeding him is not just about finding another extraordinary leader.

他說:「巴菲特似乎明白接替他不仅是要找到另一位非凡的領導者

It is about building a structure that can preserve what makes Berkshire unique long after he is gone.

這關乎建立一個結構能在他離開後長久保存波克夏與眾不同之處。

The test ahead will be whether Abel and Howard can honor that legacy while still giving Berkshire room to adapt to a market vastly different from the one Buffett mastered."

未來的考驗將是阿貝爾和霍華德能否在尊重這份傳承的同時仍給波克夏空間去適應一個與巴菲特所精通的那個市場截然不同的市場。」

Buffett's fortune was accumulated gradually through Berkshire Hathaway stock.

巴菲特的財富,是透過波克夏海瑟威的股票逐步累積而成

By acquiring insurance companies and reinvesting the resulting premium income into stocks and other businesses, he transformed the company into an investment conglomerate and even a symbol of Wall Street.

藉由收購保險公司並將所獲保費收入再投資於股票及其他企業從而將該公司打造成一家投資集團乃至華爾街的象徵

By 2024, Berkshire Hathaway had become the first non-technology company to surpass a valuation of one trillion US dollars.

到了2024年波克夏海瑟威成為首家估值突破1兆美元非科技公司

Buffett has long been a philanthropist, having donated stocks worth about 66 billion US dollars since 2006, most of which went to the foundation of his friend Bill Gates.

巴菲特長期以來一直是一位慈善家自2006年以來已捐出價值約660億美元的股票其中大部分捐給他的朋友比爾·蓋茲的基金會

However, this summer he announced that his three children will now take over all charitable decisions and distribute the remainder of his wealth by the end of 2034.

然而今年夏天他宣布他的三個孩子現在將接管所有慈善決策在2034年底前分配完他的剩餘財富

Buffett's views on finance carry a gravitational pull in their own right.

巴菲特對金融的看法本身就具有一股引力

When Berkshire Hathaway reveals in public disclosures which stocks the company has bought or sold, it can shake the market.

波克夏海瑟威在公開披露中揭示公司買入賣出的股票時,可能撼動市場

During his tenure as CEO of Berkshire Hathaway, the company's returns were nearly double those of the S&P 500, with a compound annual growth rate of 19.9%, compared with the index's gain of 10.4%.

在擔任波克夏海瑟威執行長期間,該公司的回報幾乎是標普500指數的兩倍,複合年增長率為19.9%,而該指數的漲幅為10.4%。

In a prepared statement, Abel said, "Warren's impact on Berkshire and its shareholders is unparalleled in the history of American business.

阿貝爾在準備好的聲明中表示:「華倫對波克夏及其股東的影響在美國商業史上是無與倫比的

The culture Warren built and the values he championed will remain at the core of Berkshire, and Howard will be their guardian."

華倫建立的文化與他所倡導的價值觀將繼續是波克夏的核心而霍華德將是它們的守護者。」

Berkshire Hathaway's share price showed a slight downward trend in early trading on Friday.

波克夏海瑟威的股價於週五早盤交易中呈現小幅下滑的走勢。

September 18th, 2026

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