Warren Buffett Ends Six-Decade Reign, Son Howard Takes Berkshire Chair

Warren Buffett has stepped down as chairman of Berkshire Hathaway, ending six decades at the helm of the USD 1 trillion conglomerate and completing another major stage in its succession plan.

The 96-year-old investor announced the decision in a letter to shareholders. He will become chairman emeritus with immediate effect while continuing to serve as a director on Berkshire’s board.

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His son, Howard Buffett, will take over as chairman, while Susan Decker will remain lead independent director.

Leadership Roles Clearly Divided

The change comes nine months after Greg Abel, 64, succeeded Buffett as chief executive. Buffett had announced at Berkshire’s annual meeting in May 2025 that he would leave the CEO’s post, allowing Abel to assume control of daily operations.

The latest transition creates a clear division of responsibilities. Abel will continue running the business, while Howard will focus on protecting Berkshire’s culture, values and long-term character rather than managing its operations.

“Greg runs the company; Howard will guard its culture and values,” Buffett wrote, describing his son as a safeguard for shareholders.

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Abel said the principles established by Buffett would remain central to Berkshire and that Howard would serve as their guardian.

This structure should reassure investors about stability after Buffett’s eventual departure.

Buffett Remains Available

Despite surrendering the chairmanship, Buffett is not severing ties with the company. He will remain a director and shareholder, offering continuity as Abel takes on the challenge of managing Berkshire’s vast collection of businesses and investments.

Buffett had continued visiting the company’s Omaha office after leaving the CEO role and remained involved in major decisions. Abel said earlier this year that he consulted Buffett frequently.

From Textiles To Global Giant

Buffett took control of Berkshire in 1965, when it was a struggling textile manufacturer. He subsequently transformed it into a global corporate powerhouse with interests spanning insurance, railways, energy, manufacturing and listed equities.

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Berkshire reported operating earnings of USD 44.5 billion last year and employs nearly 400,000 people. During Buffett’s tenure, its shares delivered a compounded annual return of 19.7 percent, almost twice the S&P 500’s performance over the same period.

Major Test For Abel

The transition comes as Berkshire shares trail the wider American market in 2026. The stock has gained about 1 percent this year, compared with an advance of more than 11 percent for the S&P 500.

Abel must also decide how to deploy Berkshire’s USD 365.5 billion cash pile while maintaining discipline across acquisitions, investments and share repurchases. Buybacks rose to USD 4.5 billion in the second quarter.

Buffett nevertheless delivered a forceful endorsement of Abel, saying the new CEO had exceeded his already high expectations.

“The company is in excellent hands,” Buffett wrote, adding that he looked forward to remaining a shareholder alongside other investors.

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