Warren Buffett steps down as Berkshire Hathaway chairman after 56 years

Warren Buffett has stepped down as chairman of Berkshire Hathaway after more than five decades in the position, marking another major step in the leadership transition at the US investment conglomerate.

Berkshire Hathaway said on Friday, September 18, that the 96-year-old Buffett has become chairman emeritus with immediate effect. He will remain a member of the company’s board of directors. His son, Howard G. Buffett, has been elected chairman.

Buffett had served as Berkshire Hathaway’s chairman since 1970, after joining the company’s leadership earlier. He became chief executive in 1965 and transformed Berkshire from a struggling textile business into a diversified conglomerate with major interests in insurance, railroads, energy and other businesses.

The latest move follows Buffett’s decision to hand over the CEO position to Greg Abel at the beginning of 2026. Abel remains chief executive and will continue overseeing Berkshire’s day-to-day operations, while Howard Buffett takes responsibility for the board chairmanship.

Howard Buffett has been a Berkshire director since 1993. Warren Buffett said in his latest letter to shareholders that the new arrangement would divide responsibilities between the company’s executive and board leadership, with Abel running the business and Howard helping safeguard Berkshire’s culture and values.

“I have served Berkshire since 1965,” Buffett wrote in his letter to shareholders, adding that after more than six decades he remained confident about the company’s future.

Berkshire has become one of the world’s largest corporate groups under Buffett’s leadership. The company crossed a $1 trillion market valuation in 2024, making it one of the first US companies outside the technology sector to reach that milestone.

Buffett’s departure from the chairmanship does not mark a complete exit from Berkshire. He will retain his board seat and continue to be a significant shareholder. His transition follows a succession process that began publicly with the appointment of Abel as his successor and his withdrawal from the CEO role.

At Berkshire’s 2026 annual meeting in May, Abel led the gathering for the first time as CEO, while Buffett attended as a director. The meeting underscored the company’s move into a new leadership era after decades in which Buffett was its central public figure.