Warren Buffett Steps Down as Berkshire Hathaway Chairman

Warren Buffett has stepped down as chairman of Berkshire Hathaway, marking another major transition in the leadership of the conglomerate he has led for more than six decades. The company announced that Buffett will become chairman emeritus, while his son, Howard Buffett, will assume the chairmanship as part of Berkshire Hathaway’s long-established succession plan.

In a statement to investors, Berkshire Hathaway said Buffett would serve as “Chairman Emeritus” in recognition of his extraordinary contributions to the company. He will remain a member of the board and continue providing his judgment and perspective to the business.

Howard Buffett’s appointment follows his 33 years of service on Berkshire Hathaway’s board. According to his father, Greg Abel will continue running the company as chief executive, while Howard will focus on protecting Berkshire’s culture and values.

The change comes less than a year after Buffett, now 96, stepped down as Berkshire Hathaway’s CEO. Abel, who succeeded him as chief executive earlier this year, praised Buffett’s influence, saying his impact on Berkshire Hathaway was “without parallel in the history of American business.”

In a letter accompanying the announcement, Buffett reflected on his more than 60 years with Berkshire Hathaway and his 96th birthday celebrations with his family. He expressed strong confidence in Abel’s leadership, saying his expectations for the CEO had been “sky high” from the beginning and that Abel had exceeded them. Buffett said Abel had already been making the company’s important decisions for some time and that he had not needed to reconsider those decisions.

Buffett said he believed the time was right to complete the leadership transition. He described Howard’s role as protecting Berkshire Hathaway’s culture and values, which he said were worth more than anything listed on the company’s balance sheet. Buffett characterized Howard as a safeguard for principles that shareholders hope will never need to be formally invoked.

Buffett concluded his letter by reflecting on the passage of time, writing, “Father Time always wins. He has, however, been generous with me.” He added that he had been given the opportunity to see Berkshire reach a stage at which he was more confident than ever about its future.

Buffett remains one of the world’s wealthiest individuals. His estimated net worth is $144.7 billion, placing him 10th on the Real Time Billionaires list. He also ranked 10th on the 2026 list of America’s wealthiest people.

Beyond his business career, Buffett is a prominent philanthropist. As of February, he had donated $68.3 billion to charitable causes, representing about 32% of his total wealth. He has pledged to give away more than 99% of his personal fortune. In 2010, Buffett co-founded the Giving Pledge with Microsoft co-founder Bill Gates and Melinda French Gates, encouraging billionaires to commit at least half of their wealth to philanthropy.