Warren Buffett Steps Down as Berkshire Chairman After 61 Years

Warren Buffett has stepped down as chairman of Berkshire Hathaway after 61 years, announcing the decision in a shareholder letter released on Friday. The 96-year-old investor, who took over the company in 1965 and built it into a trillion-dollar conglomerate, becomes chairman emeritus and will remain a director. The change is effective immediately.

In the letter, Buffett wrote that “Father Time always wins,” but said time had been generous, letting him see Berkshire reach a point where he feels more confident than ever about its future. He said the company is in excellent hands and that he will remain a shareholder. The decision was cemented last month, when he noticed on his 96th birthday that a one-year-old great-grandchild was moving faster than he was.

Howard Buffett Takes the Chairman Role

Buffett’s son Howard, 71, succeeds him as chairman. Howard manages a 1,500-acre farm in Illinois, oversees a 400-acre farm in Nebraska and has served on Berkshire’s board for 33 years. Buffett said Greg Abel will run the company while Howard safeguards its culture and values.

Abel, who became CEO earlier this year, has exceeded Buffett’s very high expectations, making the timing right to complete the transition.

A Gradual Retreat From Berkshire

The move follows years of stepping back. In May 2025, Buffett said Abel would take over as CEO on January 1, 2026. Abel wrote this year’s shareholder letter, ending a decades-long Buffett tradition, and led the May annual meeting. In July, Buffett said he plans to donate his remaining shares, then worth about $140 billion, to four foundations by 2034.

Berkshire reported $44.5 billion in operating earnings in 2025, down from $47.4 billion a year earlier, and generated $46 billion in operating cash flow. Buffett converted the struggling textile maker into a conglomerate spanning insurance, railroads, utilities, manufacturing and retail.