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Buffett steps down as Berkshire chairman, succession plan takes next step

Buffett steps down as Berkshire chairman, succession plan takes next step

C1🇨🇳 中文🇺🇸 English

September 18th, 2026

Buffett steps down as Berkshire chairman, succession plan takes next step

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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, marking the next step in the leadership transition at the top of the trillion-dollar conglomerate he has led for more than sixty years.

沃伦·巴菲特将卸任伯克希尔·哈撒韦公司董事长一职,这标志着这家由他领导了六十多年、市值达1万亿美元的企业集团在最高层交接上迈出了下一步。

The company announced on Friday that Buffett, now 96 years old, will take on the role of chairman emeritus, effective immediately.

该公司周五表示现年96岁的巴菲特将出任名誉董事长并立即履新

His eldest son, Howard, will succeed him as chairman of Berkshire Hathaway, as part of a long-term succession plan.

其长子霍华德将接任伯克希尔·哈撒韦公司董事长,这是长期继任计划的一部分

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

霍华德·巴菲特自1993年以来一直是伯克希尔·哈撒韦公司董事会成员。

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

沃伦·巴菲特众多金融市场追随者称为奥马哈先知”,他将继续担任董事

He has served as chairman of Berkshire Hathaway since 1970, but as early as 1965 he had already taken control of this then-struggling New England textile company.

自1970年以来他一直担任伯克希尔·哈撒韦公司董事长但早在1965年他就控制了这家当时陷入困境的新英格兰纺织公司

Greg Abel took over from Buffett at the start of this year as chief executive of the trillion-dollar conglomerate, yet Buffett still comes to the office every day to seek out new investments and deals, and to offer Abel his advice.

格雷格·阿贝尔于今年年初接替巴菲特担任这家市值1万亿美元企业集团的首席执行官巴菲特每天到办公室寻找新的投资和交易机会并向阿贝尔提供建议

It remains unclear whether Buffett will now change his daily routine.

目前尚不清楚巴菲特现在是否会改变他的日常安排

"I have been working for Berkshire since 1965," Buffett said in his letter to shareholders.

自1965年以来一直在为伯克希尔工作,”巴菲特在致股东的信中表示

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

六十多年过去了仍然拥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."

这不是很多我这个年纪的人能说的话,而且我对未来从未感觉如此良好。”

Adam Mead, an investor who wrote The Complete Financial History of Berkshire Hathaway, said that Buffett's decision to take this step now appears intended to soften the blow to Berkshire when he eventually passes away.

曾撰写《伯克希尔·哈撒韦公司完整财务史》投资者亚当·米德表示巴菲特现在采取这一步骤似乎旨在减轻他最终去世时对伯克希尔造成的冲击

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 trigger a health scare."

伯克希尔的公告并未透露巴菲特有任何健康问题米德:“他现在96岁了所以即使感冒也可能引发健康恐慌。”

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,他对阿贝尔及其儿子霍华德领导伯克希尔·哈撒韦的能力充满信心。

"Greg will oversee the company's operations, while Howard will safeguard its culture and valuesboth of which are worth more than anything on our balance sheet," he said.

格雷格负责公司运营霍华德守护其文化与价值观——这两者都比我们资产负债表上的任何东西更有价值,”他说

"Think of Howard as an insurance policy held by the shareholders, one they hope they will never have to claim on."

不妨把霍华德看作一份由股东持有却希望永远不必索赔的保单。”

After Abel was promoted to vice chairman in 2018, he took charge of managing all of Berkshire's non-insurance operations, and as a result he is thoroughly familiar with the various companies under its umbrella, including BNSF Railway, the utilities and manufacturing businesses, as well as well-known brands such as Dairy Queen and See's Candies.

阿贝尔在2018年被提升为副董事长开始负责管理伯克希尔所有非保险业务因此旗下各类公司十分熟悉包括BNSF铁路公用事业制造业务以及DQ冰雪皇后喜诗糖果知名品牌

But Cathy Seifert, an analyst at CFRA Research, said investors still have doubts about whether Abel can effectively deploy Berkshire's cash reserves, which amount to as much as $365 billion.

CFRA Research分析师凯茜·塞弗特表示投资者阿贝尔能否有效部署伯克希尔高达3650亿美元的现金储备存有疑问

"Berkshire stock previously commanded a premium, stemming both from its financial strength and from the fact that this renowned investor was in charge of allocating capital.

伯克希尔股票此前享有溢价既源于其财务实力也源于这位著名投资者负责配置资本

I think it would be naive to assume that everything will continue as before.

我认为假设一切照旧是天真的

That is not the case," Seifert said.

事实并非如此,”塞弗特

"This move amplifies some of the execution risks in that strategy, as well as the significance of this succession.

这一举措放大了该战略中的一些执行风险以及此次交接的重要性

"

Michael Withers, a management professor at the University of Notre Dame's Mendoza College of Business, points out that Buffett has taken a deliberate approach to succession planning at Berkshire Hathaway and has advanced the handover in a gradual, step-by-step manner.

圣母大学门多萨商学院管理学教授迈克尔·威瑟斯指出巴菲特在伯克希尔·哈撒韦继任计划采取了深思熟虑的做法循序渐进地推进交接

"Buffett seems to understand that sustaining the company after him is not just about finding another extraordinary leader," he said.

巴菲特似乎明白在他之后延续公司不只是寻找另一位非凡领导者,”他说

"Rather, it is about building a structure that preserves what makes Berkshire unique long after he is gone.

而是要建立一种结构在他离开很久之后仍能保留伯克希尔的独特之处

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

未来的考验将是阿贝尔和霍华德能否在尊重这一遗产的同时,仍让伯克希尔有空间适应一个与巴菲特当年所精通的市场截然不同的市场。”

Buffett's fortune was accumulated through shares in Berkshire Hathaway.

巴菲特的财富是通过伯克希尔·哈撒韦的股票积累起来的。

He acquired insurance companies and reinvested the premium income in stocks and other companies, thereby transforming the firm into an investment conglomerate and a Wall Street icon.

收购保险公司,并将保费收入再投资于股票和其他公司从而将该公司打造成一家投资集团和华尔街的标志

In 2024, Berkshire Hathaway became the first non-technology company to be valued at over one trillion dollars.

2024年伯克希尔·哈撒韦成为首家估值超过1万亿美元非科技公司

Buffett has long been devoted to philanthropy, having donated stocks worth approximately 66 billion dollars since 2006, most of which went to the foundation of his friend Bill Gates.

巴菲特长期致力于慈善事业自2006年以来已捐出价值约660亿美元股票其中大部分捐给了其友人比尔·盖茨基金会

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

然而今年夏天他宣布他的三个孩子现在将接管所有慈善决策,并在2034年底前分配完他的剩余财富

Buffett's insights into finance are compelling in their own right.

巴菲特对于金融的洞见本身便颇具吸引力

When Berkshire Hathaway discloses in public filings which stocks it has bought or sold, the move alone may be enough to shake the market.

伯克希尔·哈撒韦在公开披露中公布其买入或卖出的股票时,此举或足以震动市场

During Buffett's 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%.

在巴菲特担任伯克希尔·哈撒韦首席执行官期间,该公司的回报几乎达到标普500指数的两倍复合年增长率为19.9%该指数涨幅为10.4%

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

“沃伦对伯克希尔及其股东的影响在美国商业史上前所未有,”阿贝尔在一份准备好的声明中表示。

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

“沃伦建立的文化和他倡导的价值观将继续处于伯克希尔的核心,霍华德将成为它们的守护者。”

Berkshire Hathaway's share price edged slightly lower in early trading on Friday.

伯克希尔·哈撒韦的股价在周五早盘交易中出现了小幅下跌。

September 18th, 2026

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