OMAHA, Nebraska, United States: Warren Buffett stepped down as chairman of Berkshire Hathaway on September 18 after 56 years, with his son Howard Buffett elected chairman under the company’s succession plan.
Berkshire said the 96-year-old investor became chairman emeritus effective immediately and will remain on its board of directors. Greg Abel, who succeeded Buffett as chief executive officer at the start of 2026, will continue running the company.
The transition separates two responsibilities Buffett held for decades. Abel retains authority over Berkshire’s businesses and major operating decisions, while Howard Buffett, a director since 1993, will chair the board and help preserve the conglomerate’s culture.
“Greg runs the company; Howard will guard its culture and values,” Buffett wrote in a letter to shareholders accompanying Friday’s announcement. He said Abel had taken control of the CEO role “in every respect” and had already been making key decisions.
Susan L. Decker will remain Berkshire’s lead independent director, the company said. Howard Buffett has also served as chairman and CEO of the Howard G. Buffett Foundation since 1999.
Warren Buffett took control of the struggling textile company in 1965 and became chairman in 1970. Over subsequent decades, Berkshire expanded into insurance, energy, freight rail, manufacturing, services and retailing, including businesses such as GEICO and BNSF Railway.
Berkshire Hathaway, whose Class A and Class B shares trade as BRK.A and BRK.B, had a market capitalisation of about USD 1.1 trillion.A and BRK.B, had a market capitalisation of about USD 1.1 trillion immediately before the transition.
Buffett said age had influenced the timing of the final leadership handover, writing that “Father Time always wins,” while saying he intended to remain a Berkshire shareholder and director.
