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

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

C2🇨🇳 中文🇺🇸 English

September 18th, 2026

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

C2
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 is poised to step down as chairman of Berkshire Hathaway, a move that marks the next step in the transfer of supreme authority at the trillion-dollar conglomerate he has steered for more than six decades.

沃伦·巴菲特即将卸任伯克希尔·哈撒韦公司董事长一职,此举标志着这家由他掌舵逾六十载、市值高达1万亿美元的企业集团在最高权力交接进程中迈出了下一步。

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

该公司于周五宣称现年96岁的巴菲特将转任名誉董事长并即刻履新

His eldest son, Howard, will assume the chairmanship of Berkshire Hathaway, a move that forms part of a preordained succession plan.

其长子霍华德将接掌伯克希尔·哈撒韦公司董事长一职此乃既定继任安排之组成部分

Howard Buffett has sat on the company's board of directors since 1993.

霍华德·巴菲特自1993年起即跻身该公司董事会

Warren Buffett, the investment titan whom legions of financial-market devotees have anointed the "Oracle of Omaha," will remain on the board as a director.

沃伦·巴菲特这位被众多金融市场追随者冠以“奥马哈先知”之名的投资巨擘,将继续留任董事一职

He has occupied the chairman's seat at Berkshire Hathaway since 1970, yet as far back as 1965 he had already taken control of the struggling New England textile firm.

自1970年起他便一直执掌伯克希尔·哈撒韦公司的董事长之席然而早在1965年他就已将这家深陷困境的新英格兰纺织公司纳入掌控之中

Greg Abel succeeded Buffett at the beginning of this year as chief executive of the trillion-dollar conglomerate; nevertheless, Buffett still comes into the office every day, scouting for new investments and deals and offering Abel his counsel.

格雷格·阿贝尔于今年年初接替巴菲特出任这家市值高达1万亿美元企业集团的首席执行官然而,巴菲特依旧每日莅临办公室寻觅新的投资与交易契机,并向阿贝尔建言献策

Whether Buffett will adjust his daily routine in the near term remains an open question.

巴菲特眼下是否会调整其日常安排目前尚无定论

"Since 1965, I have served Berkshire," Buffett declared in his letter to shareholders.

自1965年以降始终为伯克希尔效力,”巴菲特于致股东函中如是言道

"In the blink of an eye, more than sixty years have passed, and I still hold the finest position in the world.

倏忽六十余载已逝,吾执掌寰宇间至臻之职

This is not a statement that those of my generation can readily make, and my expectations for the future have never been as abundant as they are today."

吾辈同龄者所能轻易道出之语,对未来之期许从未若今朝这般充盈。”

Adam Mead, an investor who authored "The Complete Financial History of Berkshire Hathaway," pointed out that Buffett's move appears intended to prepare in advance, so as to cushion the impact on Berkshire when he ultimately passes away.

著有《伯克希尔·哈撒韦公司完整财务史》投资者亚当·米德指出巴菲特此番举措似乎意在未雨绸缪以纾缓其最终辞世之际对伯克希尔所造成的冲击

Berkshire's announcement did not disclose any health concerns regarding Buffett; however, Mead candidly remarked, "He is now 96 years old, so even a common cold would be enough to trigger a health scare."

伯克希尔的公告并未披露巴菲特存在任何健康隐忧然而米德坦言:“他如今已届96岁高龄故而即便是一场感冒亦足以引发健康方面的恐慌。”

Buffett declared that he harbours full confidence in the prospects of Abel and his son Howard steering Berkshire Hathaway.

巴菲特宣称他对阿贝尔及其子霍华德执掌伯克希尔·哈撒韦之前景抱持充分的信心

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

格雷格执掌公司运营霍华德守护其文化与价值观——二者我们资产负债表上的任何项目都更为珍贵,”他说道

"Think of Howard as a policy held by the shareholders, one they hope will never see the day a claim is filed."

不妨将霍华德视为一份由股东持有却祈愿永无索赔之日的保单。”

When Abel was elevated to vice chairman in 2018, he took charge of overseeing all of Berkshire's non-insurance operations, and he therefore commands an intimate knowledge of its subsidiarieswhether it be BNSF Railway, the utilities and manufacturing segment, or renowned brands such as Dairy Queen and See's Candies, all of them fall within his purview.

阿贝尔于2018年擢升为副董事长之际即着手统辖伯克希尔旗下所有非保险业务,故而他对各子公司可谓了然于胸——无论是BNSF铁路公用事业与制造板块,抑或DQ冰雪皇后喜诗糖果等驰名品牌皆在其视野之内

Yet Cathy Seifert, an analyst at CFRA Research, points out that investors remain skeptical about whether Abel can deploy Berkshire's cash reservesa staggering $365 billion effectively.

然而CFRA Research分析师凯茜·塞弗特指出投资者对于阿贝尔能否有效配置伯克希尔高达3650亿美元的现金储备仍心存疑虑

"Berkshire stock previously commanded a premium owing both to its financial strength and to the fact that this renowned investor was the one overseeing capital allocation.

伯克希尔股票此前之所以享有溢价既源于其财务实力亦源于这位声名显赫的投资者执掌资本配置之责

In my view, it would be naive to take business as usual for granted.

在我看来将一切照旧视为理所当然未免失之天真

That is not the case," Seifert said.

事实并非如此,”塞弗特表示

"This move magnifies several execution risks embedded in that strategy and underscores the critical importance of this succession."

此举放大了该战略中所蕴含的若干执行风险亦凸显了此次交接的至关重要性。”

Michael Withers, a professor of management at the University of Notre Dame's Mendoza College of Business, points out that Buffett has demonstrated careful and thorough deliberation in his succession planning at Berkshire Hathaway, advancing the transfer of power through a gradual, step-by-step approach.

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·哈撒韦的继任规划上展现出审慎周密的考量,并以循序渐进的方略推进权力交接。

"Buffett appears to grasp that sustaining the company's continuity after his passing is by no means merely a matter of identifying another exceptionally distinguished helmsman," he remarked.

巴菲特似乎深谙在他身后维系公司之存续绝非仅仅物色另一位卓尔不群的掌舵者,”他说道

"Rather, it entails constructing an architecture that, long after Buffett's departure, can still perpetuate Berkshire's singular essence.

而是要构筑一种架构使其在巴菲特离任许久之后仍能赓续伯克希尔独树一帜的精髓

The trial that lies ahead is whether Abel and Howard, while honoring this legacy, can still leave Berkshire room to adapt to a market radically different from the one with which Buffett was once so intimately familiar."

未来的试炼在于阿贝尔与霍华德能否在尊崇这一传承的同时仍为伯克希尔留出余地去适应一个与巴菲特当年所谙熟的市场迥然有别的市场。”

Buffett's fortune was amassed through Berkshire Hathaway stock.

巴菲特的财富依托伯克希尔·哈撒韦股票累积而成

By acquiring insurance companies and reinvesting premium income into stocks and other businesses, Buffett transformed the company into an investment conglomerate and an iconic presence on Wall Street.

通过收购保险公司并将保费收入再投资于股票及其他企业巴菲特将该公司塑造为一家投资集团华尔街的标志性存在

In 2024, Berkshire Hathaway became the first non-technology company to be valued at over $1 trillion.

2024年伯克希尔·哈撒韦成为首家估值逾1万亿美元非科技公司

Buffett has long been a dedicated philanthropist, having donated stock worth approximately $66 billion since 2006, the bulk of which has flowed to the foundation of his close friend Bill Gates.

巴菲特长期躬行慈善事业自2006年以来已捐出价值约660亿美元股票其中大部分流向其挚友比尔·盖茨的基金会

This summer, however, he announced that his three children would henceforth assume sole authority over all philanthropic decisions and would distribute the entirety of his remaining wealth by the end of 2034.

然而今年夏天他宣布其三个孩子如今将全权接管所有慈善决策,并于2034年底前将他的剩余财富分配殆尽

Buffett's insights into finance are, in themselves, quite fascinating.

巴菲特之于金融的洞见其本身便颇具魅力。

Once Berkshire Hathaway reveals in a public disclosure which stocks it has bought or sold, the market is likely to be shaken by it.

一旦伯克希尔·哈撒韦在公开披露中昭示其买入或抛售的股票市场恐将为之震荡

During Buffett's tenure as chief executive of Berkshire Hathaway, the returns the company achieved were nearly double those of the S&P 500, with a compound annual growth rate of 19.9 percent, compared with a mere 10.4 percent for the latter.

在巴菲特执掌伯克希尔·哈撒韦首席执行官一职期间,该公司所斩获的回报率近乎标普500指数的两倍,其复合年增长率达19.9%,而后者仅为10.4%。

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

沃伦之于伯克希尔及其股东所施加的影响在美国商业史上堪称空前绝后,”阿贝尔在一份事先拟就的声明中如是表示

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

沃伦所缔造的文化,以及他所倡扬的价值观将继续居于伯克希尔的核心地位而霍华德将成为其守护者。”

Berkshire Hathaway's share price exhibited a modest downward drift in early trading on Friday.

伯克希尔·哈撒韦的股价在周五早盘交易中呈现出小幅下探的态势。

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