Warren Buffett announced Friday that he is stepping down as chairman of Berkshire Hathaway, the $1 trillion conglomerate, becoming chairman emeritus effective immediately while remaining a director on the board.
His son, Howard Buffett, will replace him as chairman under a long-standing succession plan. Susan Decker continues as lead independent director. “Father Time always wins,” the 96-year-old investor wrote in a letter to shareholders. “He has, however, been generous with me.”
The move comes a little more than nine months after Greg Abel, 64, took over as chief executive while Buffett retained the chairmanship. Buffett first announced his exit as CEO at the company’s annual meeting in May 2025, a step that handed operational control to Abel while Buffett stayed at the top of the board.
Buffett described a clear division of roles. “Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet,” he wrote. “Think of Howard as a policy the shareholders own and hope never to claim against.”
Under Buffett’s six decades leading the Omaha, Nebraska-based company, Berkshire posted a 19.7% compounded annual return to shareholders, nearly double the S&P 500. The company reported $44.5 billion in operating earnings last year and employs nearly 400,000 people.
Berkshire shares are up 1% in 2026 while the S&P 500 has rallied more than 11%. Abel stepped up buybacks to $4.5 billion in the second quarter, using some of the firm’s $365.5 billion cash hoard.
Buffett praised his successor in the Friday letter. “My expectations for him were sky high from the start, and he has exceeded them,” he wrote, adding: “The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”