Warren Buffett Steps Down as Berkshire Hathaway Chairman, Howard Buffett Takes Over

Warren Buffett has officially stepped down as chairman of Berkshire Hathaway, concluding an era that transformed the Omaha-based company from a struggling New England textile mill into a global conglomerate valued at over $1 trillion. The company announced on Friday that the 96-year-old investor will take on the role of chairman emeritus effective immediately while retaining his seat on the board of directors.

In line with the firm’s long-standing succession strategy, Berkshire Hathaway’s board has elected Howard Buffett to serve as the new chairman. Howard, a longtime board member since 1993 and head of the Howard G. Buffett Foundation, assumes the leadership role in a non-executive capacity. ‘Social Media Comments Allegedly Linked to Warren Buffett on Economic Policies Are False’, Says Berkshire Hathaway.

"Father Time always wins. He has, however, been generous with me," Buffett wrote in a letter addressed to shareholders. The corporate shift completes a multi-stage leadership transition that began when Buffett handed over day-to-day chief executive responsibilities to Greg Abel. Abel continues to serve as chief executive officer, overseeing the operating subsidiaries and capital allocation, while Susan Decker remains Lead Independent Director.

Reactions from internal leadership emphasized continuity. "Warren's impact on Berkshire and its owners is without parallel in the history of American business," CEO Greg Abel stated on behalf of the board. "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."

Buffett leaves behind an unmatched investment legacy. Over six decades, his focus on long-term value, disciplined capital allocation, and cash-generating operational businesses delivered compound annual returns that systematically outpaced the broader markets. Under his guidance, Berkshire expanded into insurance, rail, energy, and major public equity holdings. Berkshire Hathaway Buying Back Shares as Greg Abel Takes the Helm.

Despite stepping back from the chairmanship, the company confirmed that Buffett will continue working out of Berkshire's headquarters, offering perspective to management while fulfilling his remaining philanthropic goals.

(The above story first appeared on LatestLY on Sep 18, 2026 04:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).