Warren Buffett steps down as Berkshire Hathaway chairman, naming son Howard to board helm

Warren Buffett steps back to emeritus role

Warren Buffett, 96, stepped down as chairman of Berkshire Hathaway on Friday, 18 September 2026. The decision concludes his direct executive and board leadership of the Omaha-based conglomerate, which he has controlled since 1965. Buffett will assume the honorary title of chairman emeritus, keeping a seat on the board of directors to offer counsel while stepping back from management decisions and regular operational advisory duties. In a letter to shareholders, Buffett reflected on his tenure and expressed full confidence in the firm's established leadership structure.

Father Time always wins. He has, however, been generous with me.

Division of executive and board leadership

The transition formalizes a split between operational command and board oversight at the $1.1 trillion company. Howard Buffett, 71, Warren Buffett's eldest son and a Berkshire director since 1993, becomes non-executive chairman charged with preserving company culture and shareholder alignment. Greg Abel, 64, who took over as chief executive in January 2026 after his appointment was announced in May 2025, maintains full operational control across all operating subsidiaries. In his shareholder letter, Buffett noted that Abel leads the enterprise while Howard serves as the guardian of its corporate values. Howard Buffett previously served on corporate boards including Coca-Cola, Archer-Daniels-Midland and ConAgra Foods, while also working as a farmer, former sheriff and head of an agricultural philanthropy foundation.

The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.

Six decades of acquisitions and investments

Buffett built Berkshire Hathaway from a struggling New England textile company that he acquired in 1965 at roughly $8 per share. After shutting the unprofitable textile division in 1985, he transformed the business into an investment powerhouse centered on insurance float, beginning with the purchase of National Indemnity in 1967. Berkshire expanded this model by acquiring full ownership of GEICO and General Re between 1996 and 1998, deploying the resulting capital into businesses and equity stakes. The conglomerate built large equity holdings in companies including Coca-Cola in 1988, Apple, American Express and Bank of America, while expanding into wholly owned subsidiaries such as the BNSF railroad, See's Candies and Fruit of the Loom.

Operational continuity and capital commitments

Operating leadership remains anchored by veteran executives alongside Abel, who built Berkshire Hathaway Energy into a key power supplier across the central and western United States before becoming vice chairman in 2018. Vice Chairman Ajit Jain, who joined Berkshire in 1986, continues to direct the company's property, casualty and reinsurance underwriting operations. The broader corporate strategy remains focused on long-term capital compounding and disciplined capital allocation. Outside corporate reinvestment, Buffett has distributed over half of his equity holdings since 2006, directing more than $47 billion to the Gates Foundation and over $17 billion to four family charitable foundations.