Warren Buffett steps down: Warren Buffett steps down as chair of Berkshire Hathaway after more than five decades in the position, with the 96-year-old investor becoming chair emeritus while his son, Howard Buffett, takes over as the company’s new chair.
The leadership change marks a major moment for Berkshire Hathaway, the conglomerate Buffett transformed into one of the world’s most closely watched companies. The succession has been planned for years, with Howard Buffett already serving on the company’s board.
Buffett will remain a director of Berkshire Hathaway despite leaving the chairmanship. He first became the company’s chair in 1970 and has remained at the centre of its strategy and corporate culture for more than half a century.
Howard Buffett takes over as chair
Howard Buffett has served on the Berkshire Hathaway board since 1993 and will now assume responsibility for protecting the company’s culture and values.
The transition follows another major leadership change earlier in the year, when Greg Abel succeeded Warren Buffett as chief executive officer of the roughly $1tn conglomerate.
Buffett expresses confidence in successors
In a letter to shareholders, Buffett said he remained confident about the company’s future under Abel and his son.
“I have served Berkshire since 1965,” Buffett said. “Sixty-plus years in, I still have the best job in the world. That is not something many people my age can say, and I have never felt better about what comes next.”
Buffett described the division of responsibilities between the two leaders, saying Abel would run the company while Howard would protect its culture and values.
“Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet,” he said.
The leadership transition was reported by The Guardian, citing Associated Press, in its report on Buffett’s departure from the chairmanship.
Buffett’s extraordinary Berkshire Hathaway legacy
Warren Buffett’s career at Berkshire Hathaway has produced enormous financial returns and made him one of the most influential figures in global investing.
His personal fortune has been built largely through Berkshire Hathaway stock and was estimated at more than $140bn in July 2026. Since 2006, Buffett has also given away approximately $66bn worth of Berkshire Hathaway shares.
His investment decisions have attracted intense attention from investors worldwide. Public disclosures showing that Berkshire Hathaway has bought or sold particular stocks can have an immediate impact on financial markets.
Berkshire Hathaway’s investment performance
During Buffett’s time leading Berkshire Hathaway, the company delivered returns that substantially exceeded those of the S&P 500.
The company recorded a compounded annual growth rate of 19.9% during Buffett’s tenure as CEO, compared with 10.4% for the S&P 500 over the comparable period.
That performance helped establish Buffett’s reputation as one of the most closely followed investors in the world and turned Berkshire Hathaway’s annual shareholder communications into major events for the financial community.
What changes after Buffett’s departure?
Although Buffett is leaving the chairmanship, his continued position as a Berkshire Hathaway director means he is not completely leaving the company.
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His move to chair emeritus also preserves a formal connection between the veteran investor and the conglomerate he has led for decades.
The transition instead places greater responsibility on Greg Abel for day-to-day corporate leadership and on Howard Buffett for maintaining the company’s established culture and values.
For Berkshire Hathaway shareholders, the change represents another stage in a succession process that began with Abel becoming CEO and now continues with Howard Buffett assuming the chairmanship.
At 96, Buffett’s decision marks the end of his more than 50-year tenure as Berkshire Hathaway chair, while his continued role as a director means his association with the company will continue.
