Warren Buffett has stepped down as chairman of Berkshire Hathaway, ending more than six decades of leadership at the company he transformed into a global business empire.
The 96-year-old investor will become chairman emeritus with immediate effect, while remaining a member of Berkshire Hathaway’s board. His son, Howard Buffett, will take over as chairman. (Reuters)
Buffett joined Berkshire Hathaway in 1965 and has been chairman since 1970. Under his leadership, the company grew from a struggling textile business into a conglomerate valued at about $1.1 trillion, with interests spanning insurance, railways, energy, manufacturing, retail and major stock investments. (Reuters)
In a letter to shareholders announcing his departure, Buffett reflected on his long association with the company.
“Father Time always wins. He has, however, been generous with me,” Buffett wrote.
Howard Buffett Takes Over as Chairman
Howard Buffett, who has served on Berkshire Hathaway’s board since 1993, will succeed his father as chairman.
Unlike the chief executive, the chairman’s main responsibility will be to help preserve Berkshire’s corporate culture and values. Greg Abel became chief executive officer at the beginning of 2026 and will continue to oversee the company’s operations. (Reuters)
Abel said Buffett’s influence would remain part of the company even after his departure from the chairmanship.
“The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Abel said.
Buffett also expressed confidence in the new leadership structure, highlighting the different responsibilities of Abel and his son.
“Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet,” he said. (WMTV 15 News)
Buffett Remains on Berkshire’s Board
Although Buffett is leaving the chairmanship, he will not completely withdraw from Berkshire Hathaway.
The company said he will remain a director and continue to provide his experience and perspective to the business.
“As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective,” Berkshire Hathaway said.
The transition follows Buffett’s earlier decision to hand over the CEO position to Greg Abel at the start of 2026. (Reuters)
A Six-Decade Berkshire Legacy
Buffett’s tenure at Berkshire Hathaway has made him one of the most closely followed figures in global investing.
The company’s businesses now include Geico, BNSF Railway, Dairy Queen, energy and industrial companies, alongside a large portfolio of publicly traded investments. (Reuters)
During Buffett’s time leading Berkshire, the company generated a compounded annual return of roughly 19.9 percent, compared with 10.4 percent for the S&P 500, according to figures reported by the Associated Press. (WMTV 15 News)
His departure from the chair marks another major stage in Berkshire Hathaway’s carefully planned leadership transition, while his continued presence on the board means he will remain connected to the company he has led for more than half a century.
