Warren Buffett has stepped down as chairman of Berkshire Hathaway after more than five decades in the role, marking another major stage in the leadership transition at the $1.1 trillion conglomerate.
Berkshire Hathaway announced on Friday, September 18, 2026, that Buffett, 96, has become chairman emeritus with immediate effect. He will remain on the company’s board and continue to provide advice and guidance.
His son, Howard Buffett, has been elected chairman of the board. Howard has served as a Berkshire Hathaway director since 1993 and will focus on preserving the company’s culture and values.
Greg Abel remains Berkshire Hathaway’s chief executive officer after taking over the role from Buffett at the start of 2026.
Buffett took control of Berkshire in 1965 when it was a struggling textile company. He transformed it into one of the world’s largest conglomerates through investments and acquisitions across industries including insurance, railways, energy and consumer businesses.
His investment philosophy, built around long-term thinking, disciplined spending and careful decision-making, influenced generations of investors and business leaders.
“Father Time always wins. He has, however, been generous with me,” Buffett wrote in a letter to shareholders announcing his move.
Abel said Buffett’s influence on Berkshire and its shareholders was unmatched in the history of American business.
“The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Abel said.
Berkshire Hathaway owns businesses including GEICO, BNSF Railway and Dairy Queen, while also holding a large portfolio of stocks and other investments.
The latest move completes another major part of Berkshire’s long-planned succession process after Buffett handed over the CEO position to Abel.
Buffett had served as Berkshire Hathaway’s chairman since 1970.
