Warren Buffett has stepped down as chairman of Berkshire Hathaway after more than 50 years in the role. The 96-year-old investor will now serve as chairman emeritus. He will also remain on the company’s board as a director. Berkshire Hathaway announced the change on Friday.
The move marks another major step in the company’s long-planned succession. Buffett’s son, Howard Buffett, will become chairman. Howard has served on Berkshire Hathaway’s board since 1993. Meanwhile, Greg Abel became CEO at the start of 2026. Buffett said he remains confident in Abel and Howard’s leadership.
“Greg runs the company; Howard will guard its culture and values,” he said.
Buffett has led Berkshire Hathaway since 1965 and became chairman in 1970. During that time, he transformed the company from a struggling textile business into a global investment giant. Berkshire became one of the first non-tech companies to cross a $1 trillion valuation in 2024. Its shares also delivered stronger long-term returns than the S&P 500 during Buffett’s leadership. The company recorded a 19.9% annual growth rate, compared with 10.4% for the index.
For many investors, Buffett’s departure closes a remarkable chapter on Wall Street. His investment decisions often influence markets worldwide. Berkshire’s stock disclosures can also move the prices of companies it buys or sells. Buffett has given away about $66 billion in Berkshire stock since 2006. Now, the focus shifts to Abel and Howard as they carry the company into its next era.
“Sixty-plus years in, I still have the best job in the world.
“I have never felt better about what comes next,” Buffett said.
