Warren Buffett Steps Down as Berkshire Hathaway Chairman, Passing Role to Son Howard

Warren Buffett, the 96-year-old investment titan who has guided Berkshire Hathaway for six decades, announced on Friday that he is stepping down as chairman of the conglomerate, effective immediately. In a letter to shareholders, Buffett reflected on his long tenure with a characteristic blend of humor and humility, writing, “Father Time always wins.”

Buffett will assume the title of chairman emeritus and remain a director on the board. His son, Howard Buffett, will succeed him as chairman, fulfilling a succession plan the elder Buffett had long supported. Susan Decker will continue in her role as lead independent director.

The transition marks the final chapter in an era that began in 1965, when Buffett took over a struggling New England textile mill at age 34. Under his leadership, Berkshire Hathaway grew into a $1 trillion financial and industrial powerhouse, employing nearly 400,000 people and generating $44.5 billion in operating earnings last year. During Buffett’s tenure, the company achieved a compounded annual return of 19.7% for shareholders, roughly double the performance of the S&P 500.

This move follows a significant leadership change implemented nine months ago. In May 2025, Buffett announced that Greg Abel, now 64, would take over as CEO, a decision that stunned attendees at the company’s annual meeting. While Abel manages the day-to-day operations of the company, Howard Buffett’s new role is focused on preserving the organizational culture.

“The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Abel said in a company release. Buffett echoed this sentiment, describing his son as a guardian of the company’s principles. “Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet,” Buffett wrote. He further added, “Think of Howard as a policy the shareholders own and hope never to claim against.”

Despite transitioning from the chairmanship, Buffett’s influence within the company has remained visible. In March, Abel told CNBC that the founder still came into the Omaha office daily. Earlier this year, Buffett attended the annual shareholders’ meeting, known as the “Woodstock for Capitalists,” where Abel presided over the event for the first time. Most recently, in July, Buffett revealed to CNBC that he was the driving force behind Berkshire’s substantial investment in Alphabet.

Buffett expressed confidence in the company’s future trajectory, noting that time has been “generous” with him, allowing him to see Berkshire reach a point where he is “more confident than ever about what lies ahead.” Berkshire Hathaway shares fell 2.10% to $763,935.95 in trading following the announcement.