Home · Business · Sep 18 archive
Warren Buffett Steps Down as Berkshire Hathaway Chairman
Confirmed
In Short: Warren Buffett, 96, is stepping down as chairman of Berkshire Hathaway after 56 years, becoming chairman emeritus.
Warren Buffett announced Friday that he is stepping down as chairman of Berkshire Hathaway, a role he has held for 56 years, to become chairman emeritus. His son, Howard Buffett, will take over as chairman.
In a letter to shareholders, Buffett noted that Howard has been a Berkshire director for 33 years and cares deeply about the company. Buffett expressed confidence in Greg Abel, who succeeded him as CEO at the beginning of 2026, and said Howard will guard the company's culture and values.
Lawrence Cunningham, director of the University of Delaware's Weinberg Center, said the succession plan was long in the making. Buffett had previously indicated in a 2011 60 Minutes interview that he wanted Howard to eventually become Berkshire's nonexecutive chairman.
Howard Buffett, 71, will not run Berkshire's businesses but will serve as a guardian of the corporate culture his father spent over six decades building. He will remain on the board of directors.
Shares of Berkshire Hathaway gained more than 5,500,000% from 1965 through 2024, compared with an over 39,000% gain in the S&P 500 during the same period, according to Buffett's final annual letter to shareholders in 2025.
What's confirmed
- “I have served Berkshire since 1965," Buffett said.
What's still developing
- Howard, sometimes called "Howie," is Warren Buffett's middle child.
- He joined Berkshire's board in 1993, giving him 33 years of experience as a director before taking the chair.
- In his parting letter as chairman, the elder Buffett told shareholders they should think of his son as an insurance policy they own but hope never to use.
- "The timing could be due to many things, including Warren's outlook, Howard's capacity and resolving other claims on his attention, or the board's outlook," he added.
- "Father Time always wins," Buffett wrote in the letter.
- Investor Adam Mead, who wrote "The Complete Financial History of Berkshire Hathaway," said Buffett seems to be moving to cushion the impact on Berkshire when he eventually dies.
- Berkshire's announcement didn't reveal any health issues for Buffett, but "he's now 96, so even a cold could be a health scare," Mead said.
- Known as the "Oracle of Omaha" for his investing prowess and his devotion to his Nebraska hometown, Buffett built a personal fortune of $145 billion, making him the 10th richest person in the world.