Warren Buffett has stepped down as chairman of Berkshire Hathaway, marking another major step in the leadership transition at the investment conglomerate he led for decades.
Berkshire Hathaway announced that Buffett will become Chairman Emeritus, a position created in recognition of his contribution to the company. Although he is leaving the chairman’s role, the 96-year-old investor will remain on the board and continue to provide his experience and perspective to the company.
Buffett had already stepped down as Berkshire Hathaway’s chief executive earlier this year, with Greg Abel taking over as CEO. The latest change completes another part of the succession plan that the company has been preparing for over several years.
Buffett’s son, Howard Buffett, will become the new chairman of Berkshire Hathaway. Howard, 71, has been a member of the company’s board since 1993 and also runs his own charitable foundation.
The company said Howard’s appointment is consistent with its long-standing succession plan. While Greg Abel will oversee the company’s business operations as CEO, Howard is expected to focus on protecting Berkshire’s corporate culture and values.
In a letter to shareholders released alongside the announcement, Warren Buffett reflected on his more than six decades with Berkshire Hathaway. He also praised Abel’s performance since taking over as chief executive.
Buffett said his expectations for Abel had been extremely high from the beginning and that Abel had exceeded them. He noted that Abel had already been making important decisions for some time and had taken control of the CEO responsibilities.
The veteran investor also highlighted Howard Buffett’s long association with Berkshire. Howard has served on the company’s board for more than three decades, giving him extensive familiarity with its operations, culture and principles.
Buffett said Howard would be responsible for safeguarding the company’s culture and values, which he described as particularly important to Berkshire’s identity. Abel, meanwhile, will remain responsible for running the business.
The leadership changes represent a significant moment for Berkshire Hathaway, given Buffett’s central role in building the company into one of the world's best-known investment groups.
Buffett began working at Berkshire more than 60 years ago and transformed the company through a long-term investment strategy that included major holdings across insurance, finance, consumer goods, energy and other industries.
Despite stepping away from the chairmanship, Buffett is not leaving Berkshire Hathaway entirely. His continued presence on the board means the company will still have access to his advice and experience.
The transition also separates two key responsibilities: managing Berkshire’s businesses and preserving the company’s distinctive culture. Abel will lead the company’s operations, while Howard Buffett will take on the chairman’s role.
Buffett also referred to his age and the passage of time in his shareholder letter, saying that he had been fortunate to witness Berkshire reach a point where he felt confident about its future.
According to Forbes, Buffett’s estimated net worth is around $144.7 billion. He was ranked among the 10 wealthiest people in the world and placed 10th in the 2026 Forbes 400 list of America’s richest people.
With Buffett now serving as Chairman Emeritus, Berkshire Hathaway enters a new phase in its leadership while retaining the structure and values that have defined the company for decades.
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