Warren Buffett steps down as Berkshire Hathaway chairman, naming son Howard successor

Warren Buffett steps down as chairman

On 18 September 2026, Berkshire Hathaway announced that Warren Buffett resigned from his position as chairman of the board of directors with immediate effect. The 96-year-old investor, who celebrated his birthday on 30 August, assumes the role of chairman emeritus while retaining his seat as a regular member of the board. Berkshire named his son Howard Buffett, a company director since 1993, to succeed him as chairman. In a farewell letter addressed to shareholders, the elder Buffett reflected on his tenure and the timing of his departure.

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

In the same message to shareholders, Buffett wrote that serving as chairman had been the privilege of a lifetime and noted that he never took shareholder trust for granted, adding that he remains more confident than ever in Berkshire's future.

Succession plan and division of corporate duties

The board appointment formalises a multi-stage leadership succession that commenced in May 2025. Buffett had initially announced his planned departure from the chief executive role during the annual shareholder meeting in Omaha, catching attendees and his executive team by surprise. That transition took effect on 1 January 2026, when longtime lieutenant Greg Abel formally assumed the post of chief executive after Buffett's 60-year tenure at the helm. Under the governance arrangement confirmed on Friday, Abel retains full operational control over the conglomerate's businesses, while Howard Buffett will act as the guardian of the firm's culture and corporate values. Berkshire released a formal statement detailing the former chairman's continued advisory involvement.

As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective.

Buffett confirmed that he will continue to travel daily to the corporate headquarters in Omaha to advise Abel on capital allocation and strategic investment decisions.

Six decades of expansion from textiles to conglomerate

Buffett's departure from the chairmanship concludes 61 years of executive oversight dating back to 1965, when he acquired control of a struggling New England textile manufacturer. The company gradually diversified its holdings before shuttering its original textile operations in 1985. Over the subsequent decades, Buffett applied a long-term investment strategy centred on purchasing high-quality businesses at reasonable prices, lifting Berkshire's market valuation to more than $1 trillion. The conglomerate now spans extensive insurance operations, including Geico, alongside freight railroads, aerospace manufacturing, energy utilities, retail networks, and confectionery shops. Berkshire employs nearly 400,000 workers across its subsidiaries and generated an operating profit of $44.5 billion in the previous financial year.

Governance continuity and executive reaction

The transition completes the succession strategy approved by Berkshire's board of directors, which had voted unanimously in January 2026 to retain Buffett as chairman following his CEO retirement. Buffett explained the balance of responsibilities between his successors, stating that Abel runs the company while Howard Buffett will protect its culture and values. Abel issued a statement endorsing the leadership appointment and reaffirming the company's commitment to its founding principles.

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

With Howard Buffett assuming the board leadership, the Omaha-based conglomerate maintains familial continuity on its board while keeping day-to-day operational decisions under Abel's executive authority.