Warren Buffett Steps Down as Berkshire Chairman; Son Howard Assumes Role

Warren Buffett announced his resignation as chairman of Berkshire Hathaway on September 18, 2026, effective immediately, concluding a leadership tenure spanning more than six decades. His son Howard Buffett, 71, who has served as a company director since 1993, succeeds him as chairman. Greg Abel continues as CEO, a position he assumed in January 2026 when Buffett stepped down from that role.

Buffett, 96, will remain on the board as chairman emeritus. In a letter to shareholders, Buffett described Howard's role as guarding the company's culture and values, which he characterized as "worth more than anything on our balance sheet." Buffett wrote that "Father Time always wins" but has "been generous with me," expressing confidence in the company's future under the new leadership structure.

Buffett gained control of Berkshire Hathaway in 1965 when it was a New England textile manufacturer and transformed it into a global conglomerate. Under his leadership, the company posted a 19.7 percent compounded annual return to shareholders, nearly double the return of the S&P 500. Buffett, who became chairman and CEO in 1970, built the company through disciplined value investing and selective acquisitions of businesses including Geico and stakes in companies like Coca-Cola.

Greg Abel, the new CEO, stated that "Warren's impact on Berkshire and its owners is without parallel in the history of American business," and confirmed that "the culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian." The transition completes a planned succession process that began with Buffett announcing his resignation plans at the company's annual shareholders meeting in Omaha in May 2025.

Buffett remains one of the world's wealthiest individuals, owning more than $140 billion in Berkshire stock. He has donated more than half of his Berkshire shares to philanthropic causes. The leadership change marks a formal conclusion to one of the longest tenures in American business history.