OMAHA — Warren Buffett stepped down as chairman of Berkshire Hathaway on Friday, ending a tenure that began in 1970. Howard Buffett replaced him as chairman, while the 96-year-old investor assumed the role of chairman emeritus effective immediately. "He has, however, been generous with me," Warren Buffett said.

"Sixty-plus years in, I still have the best job in the world," Buffett said. "That is not something many people my age can say, and I have never felt better about what comes next," he said.

Buffett announced his succession plan in a letter to shareholders, citing the passage of time as the primary factor in his decision. "Father Time always wins," he said in the correspondence. He noted that he had served Berkshire since 1965 and acknowledged the generosity of the opportunity he had been given.

The transition places leadership of the approximately $1.03 trillion conglomerate firmly in the hands of Greg Abel, who serves as CEO of Berkshire Hathaway. Abel succeeded Buffett as CEO at the beginning of 2026. In his letter, Buffett delineated the roles of his successors with specific emphasis on cultural preservation. "Greg runs the company; Howard will guard its culture and values—both worth more than anything on our balance sheet," he said.

Howard Buffett is 71 years old and has long been involved with the company's governance. He has been a Berkshire director since 1993. Buffett offered a distinct perspective on his son's new position as a safeguard for the corporation's ethos.

"Think of Howard as a policy the shareholders own and hope never to claim against," he said. He added that Howard has been generous with him and expressed confidence in the future trajectory of the business.

"He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead," he said. The outgoing chairman indicated that he would maintain an active presence within the organization. He will remain a director on the Berkshire Hathaway board. Susan Decker continues to serve as lead independent director of Berkshire Hathaway, providing additional continuity in the boardroom.

Why It Matters

The departure of Warren Buffett as chairman marks the end of an era for Berkshire Hathaway, a company he has led since acquiring it in 1965. The transition formalizes a succession plan that has been in development for years, placing operational control with Greg Abel and cultural oversight with Howard Buffett. This structure aims to preserve the company's unique identity while adapting to modern corporate governance standards. The board now includes three Buffett family members: Warren Buffett, Howard Buffett, and Susan Buffett, daughter of Warren, ensuring continued family influence on strategic direction.

Berkshire Hathaway's stock has delivered a 20.1% annualized return since Warren Buffett became chairman in 1970, outperforming the S&P 500. This historical performance sets a high benchmark for the new leadership team. The company's scale, with operating earnings reaching $34.3 billion in 2023, reflects the magnitude of the responsibility transferred to Abel and Howard Buffett. Investors will watch closely to see if the new leadership can maintain the financial discipline and cultural integrity that characterized the Buffett era.

Timeline

On September 18, 2026, Warren Buffett stated, "Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one." On the same date, Howard Buffett replaced Warren Buffett as chairman of Berkshire Hathaway. Warren Buffett remarked, "Father Time always wins." He also noted, "I have served Berkshire since 1965." Buffett expressed confidence in the future, saying, "He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead." He assured stakeholders, "The company is in excellent hands, and I look forward to remaining a shareholder alongside you." On September 18, 2026, Warren Buffett assumed the role of chairman emeritus effective immediately. It was also confirmed on this date that Warren Buffett will remain a director on the Berkshire Hathaway board.

What's New

Additional reporting indicates that Howard Buffett, Warren Buffett's son, previously served as a director on Berkshire Hathaway's board since 2010. The Berkshire Hathaway board now includes three Buffett family members: Warren Buffett, Howard Buffett, and Susan Buffett (daughter of Warren). Greg Abel, CEO of Berkshire Hathaway, previously held executive roles at MidAmerican Energy Holdings, which Berkshire acquired in 2000.

In his letter, Buffett wrote, "Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one." Historical context shows Warren Buffett has served as chairman of Berkshire Hathaway since 1970, following his acquisition of the company in 1965. Market data indicates Berkshire Hathaway's stock (BRK.A) has delivered a 20.1% annualized return since Warren Buffett became chairman in 1970, outperforming the S&P 500. Buffett also stated, "Father Time always wins." According to reports Billionaires List, Warren Buffett's net worth was estimated at $107 billion as of 2026.

How Sources Differ

Sources differ on details regarding Berkshire Hathaway. S&P Global Market Intelligence reports that Berkshire Hathaway's stock (BRK.A) has delivered a 20.1% annualized return since Warren Buffett became chairman in 1970, outperforming the S&P 500.

Berkshire Hathaway Board of Directors states that Berkshire Hathaway's board now includes three Buffett family members: Warren Buffett, Howard Buffett, and Susan Buffett (daughter of Warren).

Berkshire Hathaway Annual Reports state that Warren Buffett has served as chairman of Berkshire Hathaway since 1970, following his acquisition of the company in 1965.

The Berkshire Hathaway announcement states that Howard Buffett replaced Warren Buffett as chairman of Berkshire Hathaway.

The Berkshire Hathaway announcement states that Warren Buffett will remain a director on the Berkshire Hathaway board.

The Berkshire Hathaway announcement states that Warren Buffett stepped down as chairman of Berkshire Hathaway on Friday.