Warren Buffett Steps Down as Berkshire Hathaway Chairman
Warren Buffett has stepped down as chairman of Berkshire Hathaway’s board, marking another stage in the leadership transition at the company he has guided for six decades. The 96-year-old investor announced the move in a shareholder letter released Friday, September 18, 2026, saying it was effective immediately. He will remain a director and become chairman emeritus of Berkshire.
Buffett said his age and reduced mobility helped confirm that the time had come to withdraw further from Berkshire’s leadership. He nevertheless expressed confidence in the conglomerate’s future, stating that the business was in strong hands under its new leadership structure.
Greg Abel, who succeeded Buffett as chief executive earlier in 2026, will continue managing Berkshire’s operations. Buffett said Abel had surpassed the high expectations set for him. Howard Buffett, Warren Buffett’s 71-year-old son, will become board chairman. A Berkshire director for 33 years, Howard is expected to focus on protecting the company’s culture and values, while Abel oversees its businesses.
The transition follows several years of Buffett gradually reducing his public and operational role. He announced in May 2025 that Abel would become CEO on January 1, 2026. Abel subsequently wrote Berkshire’s annual shareholder letter and led its annual meeting, where Buffett appeared only briefly.
Buffett’s departure from the chairmanship marks a significant point in Berkshire’s development. He gained control of the struggling textile company in 1965 and transformed it into a conglomerate operating across insurance, railroads, utilities, manufacturing and retail. Berkshire reported $44.5 billion in operating earnings and $46 billion in operating cash flow for 2025, though earnings declined from the previous year.
Buffett also plans to donate his remaining Berkshire shares to four foundations by the end of 2034, consistent with his longstanding pledge to give away more than 99 percent of his wealth. He will remain a Berkshire shareholder.