Warren Buffett Steps Down at 96 as Son Howard Takes Over Berkshire Hathaway in Historic Handover

Warren Buffett stepped down as chairman of Berkshire Hathaway at 96, handing one of the world's best-known corporate boardrooms to his son Howard after more than five decades in the role.

Buffett will become chairman emeritus and remain a Berkshire director and shareholder, while Greg Abel continues as chief executive. Howard Buffett, 71, has been elected chairman of the board.

In a letter to shareholders on 18 September, Buffett gave a characteristically brief explanation for the change: Father Time always wins. He said time had been generous with him and that Berkshire had reached a point where he was more confident than ever about its future.

Buffett Ends 56-Year Chairmanship

Buffett has served Berkshire since 1965 and became chairman in 1970. His departure ends a 56-year tenure in the chair. He took control of Berkshire when it was still a struggling textile company. Over the following decades, he reshaped the business through investments and acquisitions.

Berkshire grew into a conglomerate with a market value of about $1.1 trillion. Its businesses include Geico, BNSF Railway, Dairy Queen, and a range of energy, industrial, and retail operations. Its investment portfolio includes major stakes in companies such as Apple, American Express, and Coca-Cola.

Buffett's annual shareholder letters and Berkshire's shareholder meeting in Omaha also became closely associated with the company. The meeting developed into a major event for investors and became known as Woodstock for Capitalists.

Howard Buffett Takes the Chair

Howard Buffett has served on Berkshire's board since 1993. His 33 years as a director have given him extensive experience with the company and its governance. His appointment does not make him Berkshire's chief executive. As non-executive chairman, his main responsibility will be the board and the preservation of Berkshire's culture and values.

Warren Buffett described the division in his shareholder letter by saying Greg Abel runs the company while Howard will guard its culture and values. Berkshire also confirmed that Susan Decker will continue as lead independent director.

Abel Continues as CEO

Abel became Berkshire's CEO on 1 January 2026 after Buffett stepped down from the position. Buffett had announced the succession at Berkshire's annual shareholder meeting in 2025. He said his age had become a factor and that Abel could run the company more effectively.

In his latest letter, Buffett said Abel had taken full responsibility for the CEO role and had been making the important decisions for some time. He said he had not needed to intervene in those decisions. Abel had previously served as Berkshire's vice chairman and played a major role in its energy operations. He had been widely viewed as Buffett's successor before taking the CEO position.

Buffett Remains on Berkshire's Board

The change does not mark Buffett's complete departure from Berkshire. He will remain a director and shareholder and continue to offer his judgement and perspective to the company. Berkshire said his chairman emeritus role takes effect immediately. For Berkshire, the 18 September announcement completes another stage of a succession process that began with Buffett's departure as CEO.

Abel now runs the company. Howard Buffett chairs its board. Warren Buffett remains a director after more than six decades at Berkshire. The structure marks the end of Buffett's formal leadership of Berkshire while keeping him connected to the company he transformed from a textile business into a global conglomerate.