Warren Buffett abruptly steps down as Berkshire chair as ‘Father Time’ wins, handing role to son Howard who will ‘guard its culture and values’

Warren Buffett, the legendary investor, has announced his resignation as chairman of Berkshire Hathaway, effective immediately. The 96-year-old billionaire cited his age as a factor in his decision, noting that his grandson just turned one and is moving faster than he is. Buffett’s decision comes after he officially ceded the CEO position to Greg Abel in May 2025.

While continuing to serve on the board, his son Howard will take over as chairman, following a long-standing plan. Susan Decker will retain her position as the company’s lead independent director. Buffett expressed confidence in the company's future, praising Abel's success in overseeing Berkshire's non-insurance operations and his recent acquisitions, including $10 billion in Alphabet shares and the $8.5 billion purchase of homebuilder Taylor Morrison.

With Abel at the helm, Buffett believes it's time to "complete the transition." Howard, 71, has been a Berkshire director for 33 years, providing a wealth of experience to guide the company. The CEO emphasized that Howard will be responsible for guarding Berkshire's culture and values, qualities that are more valuable than any asset on the balance sheet.

Howard, along with his two siblings, is committed to honoring their father's legacy by distributing most of the family's $145 billion fortune to their charitable foundations, allowing them to annually distribute about $500 million each to support various causes.