OMAHA, United States – Warren Buffett has stepped down as chairman of Berkshire Hathaway, completing another major stage in the leadership transition at the conglomerate he has led for more than six decades.
Berkshire announced Sept. 18 that Buffett, 96, would become chairman emeritus effective immediately. His oldest son, Howard G. Buffett, was elected chairman of the board, while Greg Abel remains chief executive officer. Warren Buffett will continue as a Berkshire director.
The move follows Buffett’s transfer of the CEO position to Abel on Jan. 1, 2026. It removes Buffett from Berkshire’s formal executive leadership while preserving his position on the board.
Buffett completes the formal leadership handover
Buffett has served as Berkshire’s chairman since 1970 and took control of the company in 1965. Under his leadership, Berkshire developed from a struggling textile manufacturer into a conglomerate with businesses spanning insurance, railroads, energy, manufacturing, retail and investments.
In his shareholder letter announcing the change, Buffett said he believed the timing was right to complete the transition.
He said Abel had already been making the company’s important decisions and expressed confidence in his leadership. Buffett will remain a director and shareholder.
The arrangement separates Berkshire’s operating leadership from its board leadership.
Abel runs the company as CEO. Howard Buffett chairs the board and is expected to focus on preserving Berkshire’s culture and values. Warren Buffett remains on the board as chairman emeritus.
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Howard Buffett takes the board chair
Howard G. Buffett, 71, has served on Berkshire’s board since 1993. His appointment gives him responsibility for chairing the board while leaving day-to-day management with Abel.
Warren Buffett described his son as someone who would protect the company’s culture and values rather than direct its operating businesses. Berkshire’s board also continues to include Susan Decker as lead independent director.
Howard Buffett’s role is therefore different from his father’s historic position. He is not replacing Warren Buffett as CEO or taking control of Berkshire’s operating businesses.
The company’s management structure places those responsibilities with Abel.
Abel now has the operating mandate
Abel, 64, became Berkshire’s CEO at the beginning of 2026 after years overseeing the company’s non-insurance businesses.
His responsibilities include Berkshire’s operating companies and capital-allocation decisions, areas that had long been closely associated with Buffett.
Berkshire entered the new leadership era with a large cash position. The company reported about $364.7 billion in cash and cash equivalents as of June 30, giving Abel substantial financial resources as he evaluates acquisitions, investments and other uses of capital.
The scale of those resources makes capital allocation one of the areas investors will continue to watch as Berkshire operates without Buffett in an executive role.
Buffett’s influence remains, but his formal role changes
Although Buffett is leaving the chairmanship, the transition does not represent an immediate departure from Berkshire.
He remains a director and shareholder. The chairman emeritus designation recognizes his continuing connection to the company while transferring formal board leadership to Howard Buffett.
Buffett’s influence has also been built into Berkshire’s governance and investment culture over decades. His emphasis on long-term ownership, decentralized management and conservative capital allocation became defining features of the company.
The new structure is intended to preserve those principles without requiring Buffett to remain in an executive position.
Berkshire enters a new leadership era
The transition leaves Berkshire with a leadership structure that had been planned for years rather than created suddenly.
Abel now has the CEO role, Howard Buffett leads the board, and Warren Buffett remains a director and chairman emeritus.
That arrangement means Berkshire’s succession is no longer principally a question of who will replace Buffett as CEO. The company has already made that change.
The next phase will instead show how Berkshire operates under Abel while the board, led by Howard Buffett, maintains the governance and cultural framework established during Warren Buffett’s tenure.
For shareholders, the change also marks the end of Buffett’s formal leadership of Berkshire after more than 60 years at the center of the company.
Reporting Credit: Berkshire Hathaway Inc. — Sept. 18 shareholder letter, leadership appointments and succession structure; Berkshire Hathaway 2025 Annual Report — executive leadership and Jan. 1, 2026 CEO transition.
