Warren Buffett hands Berkshire chairmanship to son Howard, becomes chairman emeritus

Warren Buffett has stepped down as chairman of Berkshire Hathaway, handing the role to his son Howard in a move the company described as the final stage of a long-planned transition. Berkshire said Friday that Buffett, 96, becomes chairman emeritus effective immediately and will remain a director on the board. Howard Buffett, 71, who has served on Berkshire's board since 1993, takes over as non-executive chairman.

His main duty will be guarding the company's "culture and values," according to a shareholder letter from his father. Greg Abel, who replaced Warren Buffett as CEO in May 2025, will continue to run day-to-day operations. "Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead."

The announcement closes a leadership era that began in 1965, when Buffett took control of a struggling New England textile mill and built it into a conglomerate worth roughly $1.1 trillion. Berkshire now owns GEICO, BNSF Railway, Dairy Queen and dozens of other businesses, and holds major stakes in Apple, Coca-Cola and other public companies. At the time, Berkshire indicated he would retain the chairman title, with Howard eventually succeeding him.

The transition was framed by the company and Buffett as orderly rather than a sudden shock. "Warren's impact on Berkshire and its owners is without parallel in the history of American business. The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian." Buffett cited his age and the pace of a one-year-old great-grandchild as reasons for stepping aside.

"The timing is right to complete the transition," he wrote. He said he would continue to offer his "judgment and perspective" as chairman emeritus and board member. Under Buffett, Berkshire's stock returned about 19.9% compounded annually, nearly double the S&P 500's 10.4% over the same period.

His fortune, largely in Berkshire stock, was valued at more than $140 billion in July, according to company disclosures cited by Spectrum News. Howard Buffett, a former farmer, philanthropist and sheriff, has run the Howard G. Buffett Foundation, which was recognized by Time Magazine in 2026 for its response to the war in Ukraine. He was long planned as his father's successor as chairman.