Warren Buffett Steps Down as Berkshire Chairman; Son Howard Takes Over

Warren Buffett has stepped down as chairman of Berkshire Hathaway effective September 18, 2026, ending a six-decade tenure. His son Howard Buffett, a 33-year company director, succeeds him as chairman, while remaining CEO Greg Abel continues operational leadership. Buffett becomes chairman emeritus and remains on the board.

Quick Facts

Warren Buffett stepped down as chairman of Berkshire Hathaway
Howard Buffett became chairman
Warren Buffett became chairman emeritus
Greg Abel continues as CEO
Berkshire Hathaway transitioned from textile manufacturer to global conglomerate

Warren Buffett announced on September 18, 2026, that he is stepping down as chairman of Berkshire Hathaway, effective immediately, ending a six-decade leadership tenure at the conglomerate. His son Howard Buffett, 71, who has served as a company director since 1993, will succeed him as chairman. Buffett, 96, will remain on the board as chairman emeritus.

The transition completes Berkshire's planned succession. Buffett stepped down as CEO on January 1, 2026, and was succeeded by Greg Abel, who continues to lead day-to-day operations. In his letter to shareholders, Buffett stated that Abel "has taken hold of the Chief Executive Officer job in every respect" and that "the timing is right to complete the transition."

Buffett described Howard's role in distinct terms: "Greg runs the company; Howard will guard its culture and values — both worth more than anything on our balance sheet." The letter emphasized that Howard had completed a 33-year apprenticeship as a director before assuming the chairmanship, longer than Buffett's tenure before taking control at age 34.

Berkshire Hathaway, transformed from a New England textile manufacturer when Buffett gained control in 1965, has become one of the world's largest public companies. Under Buffett's leadership, the company posted a 19.7 percent compounded annual return to shareholders, nearly double the S&P 500's return. CEO Greg Abel stated in the company announcement that Berkshire's culture and values, built by Buffett, "will remain at the heart of Berkshire, and Howard will be their guardian." Buffett, who owns more than $140 billion in Berkshire stock, remains one of the world's wealthiest people.

Topics

Business Technology World

#investment #Warren Buffett #Howard Buffett #leadership transition #Greg Abel #Chairman #corporate governance #Conglomerate #Chairman succession #Succession

Entities

Why This Matters

Berkshire Hathaway's leadership succession affects equity markets, as the transition in control and governance signals stability or potential strategic shifts for a $~900 billion-market-cap holding company with major stakes in finance, energy, and consumer goods. Howard Buffett's appointment as chairman—alongside Greg Abel's ongoing CEO role—clarifies governance: Abel handles operations; Howard stewards corporate culture and values. This structure affects shareholder confidence, capital allocation decisions, and trading of Berkshire stock and its significant subsidiaries (Geico, Coca-Cola stakes, utilities). The transition completes a multi-year handoff announced in 2021.

Timeline & Sources

Jan 1, 1965

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Warren Buffett gains control of Berkshire Hathaway, a New England textile manufacturer

Jan 1, 1970

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Warren Buffett becomes chairman and CEO of Berkshire Hathaway

Sep 18, 2026

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Warren Buffett stepped down as chairman; Howard Buffett became chairman; Warren Buffett became chairman emeritus

Sep 18, 2026

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Warren Buffett steps down as chairman; Howard Buffett becomes chairman; Warren Buffett becomes chairman emeritus