OMAHA, September 19: Legendary investor Warren Buffett has stepped down as chairman of Berkshire Hathaway, ending a leadership run that spanned more than five decades. Buffett, 96, has been named Chairman Emeritus and will remain on the company’s board, while his son Howard G. Buffett has been elected the new chairman.
Warren Buffett Becomes Chairman Emeritus
Berkshire Hathaway announced the leadership transition on September 18, saying Buffett’s new role as Chairman Emeritus was effective immediately.
Although he is no longer chairman, Buffett will remain a member of Berkshire’s Board of Directors and continue offering his judgment and perspective to the company.
Buffett had served as Berkshire’s chairman since 1970 and spent more than six decades building the company into one of the world’s largest conglomerates.
Howard Buffett Takes Over as Chairman
The Berkshire board has elected Howard G. Buffett, Warren Buffett’s eldest son, as chairman.
Howard Buffett, 71, has served as a Berkshire director since 1993 and will take the role as non-executive chairman, meaning he will not be responsible for the company’s day-to-day management.
His primary responsibility is expected to include helping preserve Berkshire Hathaway’s long-established corporate culture and values.
Greg Abel Continues as CEO
The chairman transition does not change Berkshire’s executive leadership.
Greg Abel remains Chief Executive Officer, having succeeded Warren Buffett as CEO earlier in 2026. Abel continues to oversee Berkshire’s operations and major business decisions.
The succession structure separates the CEO and chairman positions, with Abel running the company and Howard Buffett serving as board chairman.
Buffett Built Berkshire Into $1.1 Trillion Conglomerate
Warren Buffett transformed Berkshire Hathaway from a struggling textile business into a conglomerate valued at roughly $1.1 trillion.
The company owns major businesses including:
- GEICO
- BNSF Railway
- Dairy Queen
- A large energy and utilities operation
Berkshire also holds major investments in companies including Apple and Coca-Cola.
Buffett became globally known for his long-term, value-oriented investment strategy and earned the nickname “Oracle of Omaha.”
Buffett Remains Major Shareholder and Director
Despite stepping down as chairman, Buffett is not completely leaving Berkshire Hathaway.
He remains a company director and continues to be one of Berkshire’s most significant shareholders. His continuing involvement is designed to provide continuity during the leadership transition.
The company said he would continue contributing his experience and perspective when needed.
Leadership Transition Was Planned for Years
The move forms part of a succession plan that Berkshire has discussed for many years.
Howard Buffett’s selection as chairman had previously been identified as a way to help protect Berkshire’s corporate culture, while Greg Abel was positioned to handle the company’s operational and investment responsibilities as CEO.
Howard Buffett has spent decades on Berkshire’s board but has built much of his career outside traditional finance, including work in agriculture and philanthropy.
End of an Era for Global Investing
Buffett’s departure from the chairman role marks one of the most significant leadership changes in global corporate history.
His investing philosophy influenced generations of investors, particularly his focus on buying strong businesses at reasonable valuations and holding them for long periods.
The next phase of Berkshire Hathaway will now be led operationally by Greg Abel, with Howard Buffett chairing the board and Warren Buffett remaining involved as Chairman Emeritus and director.
source – Berkshire Hathaway / Reuters / Associated Press
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