Warren Buffett steps down as Berkshire chairman

Warren Buffett, the 96-year-old investor who built Berkshire Hathaway ↘ 0.25% from a failing textile mill into a trillion-dollar conglomerate, announced Friday that he is stepping down as chairman, effective immediately. His son Howard Buffett, a company director since 1993, will succeed him in the role.reuters+1

"Father Time always wins," Buffett wrote in a letter to shareholders. "He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead."cnbc

The move marks the latest phase in a carefully planned leadership transition at the Omaha, Nebraska-based company. Buffett will assume the title of chairman emeritus and remain on the board of directors.nytimes+1

A Succession Decades in the Making

Buffett's departure from the chairmanship follows his exit as CEO at the end of last year, when Greg Abel, 64, took over day-to-day management of the company. Buffett first announced that transition at Berkshire's annual meeting in May 2025.cnbc

In Friday's letter, Buffett drew a clear line between Abel's operational role and Howard's custodial one. "Greg runs the company; Howard will guard its culture and values — both worth more than anything on our balance sheet," he wrote. "Think of Howard as a policy the shareholders own and hope never to claim against."cnbc

Abel, in a company statement, echoed that framing: "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."cnbc

An Unmatched Legacy

Buffett took control of Berkshire in 1965 at the age of 34 and over six decades transformed it into a financial and industrial empire with $44.5 billion in operating earnings last year and nearly 400,000 employees. Under his stewardship, the company posted a 19.7% compounded annual return, nearly double that of the S&P 500.cnbc

Even as chairman this year, Buffett remained active — coming into the office daily, attending the annual meeting in May, and in July driving Berkshire's $10 billion private stock purchase in Alphabet ↗ 0.78%, now the company's third-largest holding behind Apple ↘ 0.52% and American Express ↘ 1.22%.cnbc

Berkshire shares have underperformed in 2026, rising about 1% while the S&P 500 has gained more than 11%. The company held $365.5 billion in cash at the end of the second quarter.cnbc

"The company is in excellent hands, and I look forward to remaining a shareholder alongside you," Buffett wrote in closing.cnbc