Warren Buffett has stepped down as chairman of Berkshire Hathaway, becoming chairman emeritus with immediate effect, while his son Howard assumes the chairmanship as part of the company’s long-planned leadership transition.
The 96-year-old investor, who has been associated with Berkshire since 1965 and served as chairman since 1970, will remain a member of the board of directors. Greg Abel has held the chief executive role since the start of 2026.
“Father Time always wins. He has, however, been generous with me,” Buffett wrote in a letter to shareholders on Friday. He added that Abel “has exceeded” expectations and that “the timing is right to complete the transition.”
Howard Buffett, a Berkshire director since 1993, takes over as non-executive chairman with a primary focus on preserving the company’s culture. “Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet,” Buffett said.
Abel stated: “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”
Berkshire said Buffett would “continue to offer his valued judgment and perspective” as chairman emeritus. The conglomerate, valued at approximately $1.1 trillion, includes insurance, railroad, energy and consumer businesses.
Buffett first outlined succession plans in May 2025. Analysts described the move as the completion of a carefully prepared handover rather than an abrupt change.
