Warren Buffett stepped down as chairman of Berkshire Hathaway on Friday, September 18, 2026, ending a run atop the company’s board that began in 1970. Buffett, 96, becomes chairman emeritus and remains a director, while his son Howard G. Buffett, a Berkshire board member since 1993, takes over as chairman.
- What changed: Warren Buffett steps down as Berkshire Hathaway chairman, effective immediately
- New chairman: Howard G. Buffett, 71, a Berkshire director since 1993
- Warren Buffett’s new role: Chairman emeritus; remains on the board
- Timing: Comes about eight months after Buffett stepped down as CEO, handing that role to Greg Abel
- His tenure: Led Berkshire since 1965; chairman since 1970 — 56 years in the role
- Track record: Berkshire returned roughly 19.7% annually under his leadership, nearly double the S&P 500
What Buffett said
In a letter to shareholders Friday, Buffett wrote that “Father Time always wins.” He said Greg Abel would continue running the company’s operations while Howard’s role would be to protect Berkshire’s culture, writing that Abel “has exceeded” his high expectations since becoming CEO.
Buffett’s succession plan for the chairman role had long been public: he’d said for years that Howard, the second of his three children, should take over as board chairman to safeguard the company’s culture once Buffett was no longer able to lead.
A six-decade run
Buffett took control of Berkshire Hathaway, then a struggling textile maker, in 1965 and became chairman in 1970. He built it into a conglomerate now worth more than $1 trillion, with holdings spanning insurer Geico, freight railroad BNSF, and consumer brands including Fruit of the Loom, Benjamin Moore, Duracell and Dairy Queen.
Under his leadership, Berkshire’s share price rose by more than 5,500,000%, compared with roughly 39,000% for the S&P 500 over the same stretch. Buffett, known as the “Oracle of Omaha” for his value-investing approach, has a net worth of about $145 billion, making him the world’s 10th richest person.
Pressure on the new leadership
The change comes at a tricky moment for Berkshire’s stock, which is up just 1% in 2026 while the S&P 500 has rallied more than 11%. Shareholders are watching to see whether Abel can deploy the company’s roughly $365 billion cash pile as effectively as Buffett did; Abel has already stepped up share buybacks, spending $4.5 billion on repurchases in the second quarter alone.
Howard Buffett brings a different background to the chairman role than his father. He has run the Howard G. Buffett Foundation, a charitable organization focused on humanitarian and conservation work, since 1999, and briefly served as sheriff of Macon County, Illinois, from 2017 to 2018.
What’s next
Greg Abel continues to run Berkshire’s day-to-day operations as CEO, a role he’s held since the start of 2026. Warren Buffett said he plans to remain a Berkshire shareholder and stay involved as chairman emeritus, offering guidance without running the board.
Frequently Asked Questions
Why did Warren Buffett step down as Berkshire Hathaway chairman?
Buffett, 96, said in a shareholder letter that it was time to hand over the role as part of a long-planned succession, following his exit as CEO at the start of 2026.
Who is Berkshire Hathaway’s new chairman?
Howard G. Buffett, Warren Buffett’s son and a Berkshire board member since 1993, is the company’s new chairman.
Is Warren Buffett still involved with Berkshire Hathaway?
Yes. He remains a member of the board of directors as chairman emeritus and said he plans to stay on as a shareholder.
Who runs Berkshire Hathaway day to day?
Greg Abel has been CEO since the start of 2026, when Buffett stepped down from that role after decades running the company.
