Buffett Steps Down as Berkshire Chairman, Son Succeeds

Warren Buffett stepped down as chairman of Berkshire Hathaway on Friday, ending more than six decades at the helm of the conglomerate he transformed from a struggling New England textile operation into one of the world's most valuable businesses. He was named chairman emeritus effective immediately and will remain a director, continuing to offer his judgment and perspective to the company, according to Berkshire's announcement. Buffett's eldest son, Howard Buffett, 71, who has served on the board since 1993, was elected non-executive chairman. Greg Abel, who became chief executive on January 1, 2026, controls Berkshire's day-to-day operations and capital allocation. The transition completes a long-planned succession process that began when Buffett relinquished the chief executive role at the end of last year. In a letter to shareholders, Buffett described the division of responsibilities: "Greg runs the company, Howard will guard its culture and values, both worth more than anything on our balance sheet." He also wrote, "Think of Howard as a policy the shareholders own and hope never to claim against.