Warren Buffett, the legendary investor who transformed Berkshire Hathaway from a failing textile mill into a global conglomerate, has stepped down as chairman at the age of 96. The move, announced on Friday, ends a tenure that spanned more than five decades. Buffett will assume the title of chairman emeritus, while his son, Howard Buffett, will take over as the new chairman. However, Warren Buffett will continue to serve as a director on the company’s board.
Howard Buffett to Lead as Chairman
Howard Buffett, who joined Berkshire Hathaway’s board of directors in 1993, will now lead the board as chairman. He is expected to focus on preserving the company’s distinctive culture and values, ensuring continuity in the post-Warren era.
Warren Buffett first took the helm as chairman in 1970, after he began reshaping the company in 1965. In his latest letter to shareholders, Buffett remarked, “I have been at Berkshire since 1965. I am 60+ years in and still have the best job in the world.” He also acknowledged the inevitability of time, stating, “Father Time always wins,” while expressing optimism about Berkshire’s future.
Greg Abel Continues as CEO
This leadership change follows Buffett’s earlier departure from the chief executive role. He stepped down as CEO at the end of 2025, with Greg Abel assuming the position on January 1, 2026. Buffett remained chairman until now. Abel will continue to oversee day-to-day operations, while Howard Buffett is expected to concentrate on the company’s long-term culture and values.
Buffett to Remain on the Board
Despite leaving the chairman’s position, Warren Buffett will remain a member of Berkshire Hathaway’s board. The company stated that he will continue to provide his judgment and perspective to guide the organization.
This transition marks another milestone in Berkshire Hathaway’s carefully planned succession. Buffett’s departure as chairman comes more than six decades after he first joined the company in 1965 and nearly five decades after he became chairman in 1970.