Howard replaces his father, Warren Buffett, as Berkshire Hathaway chairman

Warren Buffett has announced he will be stepping down as chairman of Berkshire Hathaway, after a remarkable 50+ year tenure at the conglomerate. 96-year-old Berkshire Hathaway founder will adopt the new title of chairman emeritus, taking immediate effect as of Friday. His son, Howard, will assume the role of the new chairman, as part of a planned succession.

Howard Buffett has been a member of the Berkshire Hathaway board since 1993. Warren Buffett will continue to hold the director position. He has been the company's chairman since 1970.

Greg Abel, who took over as the CEO of the $1 trillion conglomerate at the start of the year, succeeded Warren Buffett as its chairman. However, Warren Buffett remains a highly influential investor globally.

In a letter to shareholders, Warren Buffett expressed his gratitude and said, "I have served Berkshire since 1965. Sixty-plus years in, I still have the best job in the world. That is not something many people my age can say, and I have never felt better about what comes next."

The chairman highlighted his trust in Abel and his son Howard to lead Berkshire Hathaway. "Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet," he stated. "Think of Howard as a policy the shareholders own and hope never to claim against."

Warren Buffett's wealth has predominantly been built through Berkshire Hathaway stock, which was valued over $140 billion in July 2026. He has donated approximately $66 billion worth of stock since 2006. Known for his impact on Berkshire and its shareholders, Buffett's stock disclosures can significantly influence market trends.

At the helm of Berkshire Hathaway as CEO, the company's returns nearly doubled those of the S&P 500. Buffett's leadership has resulted in an impressive 19.9% compounded annual growth rate, compared to the index's 10.4% gain. "Warren’s impact on Berkshire and its owners is without parallel in the history of American business," Abel stated in a prepared statement. "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."