Warren Buffett is stepping down as chairman of Berkshire Hathaway, ending his formal leadership of the conglomerate after more than six decades.
The 96-year-old investor announced the move in a letter to shareholders on Friday (today). Buffett will become chairman emeritus with immediate effect and will remain a director on Berkshire’s board.
Buffett Hands Chair to His Son
His son, Howard Buffett, will replace him as chairman under the company’s long-standing succession plan. Susan Decker will continue as lead independent director.
“Father Time always wins,” Buffett wrote. He added that time had been “generous with me” and had allowed him to see Berkshire reach a point where he was “more confident than ever about what lies ahead.”
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The move comes a little more than nine months after Greg Abel, 64, became Berkshire’s CEO. Buffett first announced his decision to leave the CEO role at the company’s annual meeting in May 2025. He retained the chairmanship after Abel took over in January.
“The culture Warren built and the values he championed will remain at the heart of Berkshire,” Abel said.
Warren Buffett stepping down as chairman of Berkshire Hathaway: 'Father Time always wins' https://t.co/dVEq7iNXDL
— CNBC (@CNBC) September 18, 2026
Buffett Remained Active After CEO Exit
Buffett described the roles of the company’s current and incoming leaders by writing: “Greg runs the company; Howard will guard its culture and values.”
Buffett took control of Berkshire in 1965 and built it from a struggling textile company into a diversified conglomerate. Berkshire reported $44.5 billion in operating earnings last year and had nearly 400,000 employees.
During Buffett’s tenure, Berkshire delivered a 19.7% compounded annual return to shareholders, compared with a lower return for the S&P 500 over the same period.
Buffett remained active after stepping down as CEO. In March, Abel told CNBC that Buffett was still coming into Berkshire’s Omaha office every day and that the two continued to speak frequently.
Buffett also attended the company’s annual meeting in May. It was the first meeting not presided over by him, with Abel leading the event instead.
