Business, Finance & Tech
Warren Buffett Steps Down as Berkshire Hathaway Chairman
Warren Buffett is stepping down as chairman of Berkshire Hathaway, ending more than six decades of leadership at the company.
Berkshire Hathaway announced Friday that Buffett will become chairman emeritus, effective immediately. His son, Howard G. Buffett, will take over as chairman as part of the company's long-planned succession. Howard Buffett has served on Berkshire Hathaway's board since 1993.
Buffett, 96, has guided Berkshire Hathaway since taking control of the company in 1965. He became chairman in 1970 and transformed the struggling textile company into a conglomerate valued at more than $1 trillion.
In a letter to shareholders announcing his decision, Buffett wrote, “Father Time always wins.”
Buffett had already stepped down as Berkshire Hathaway's CEO at the beginning of 2026, handing that role to longtime executive Greg Abel. Abel remains CEO and will continue overseeing the company's operations.
Buffett said in his letter that Abel's leadership was one reason he felt the timing was right to complete the transition.
“Greg runs the company; Howard will guard its culture and values,” Buffett wrote.
Although Buffett is stepping away from the chairman's position, he will remain a member of Berkshire Hathaway's board of directors and continue offering his perspective to the company.
The transition marks another step in a succession plan that Buffett and Berkshire Hathaway have been preparing for years.
Berkshire Hathaway's operations include insurance, railroads, utilities, manufacturing and a broad portfolio of investments and businesses. Buffett's leadership made Berkshire one of the most closely followed companies in the investment world.
Buffett said he remains confident in Berkshire's future and plans to remain a shareholder.
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By: NBC Palm Springs
September 18, 2026
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