Warren Buffett steps down as Berkshire chair, becomes chairman emeritus

Warren Buffett has announced that he will step down as chairman of Berkshire Hathaway and assume the role of chairman emeritus, effective immediately. The billionaire investor, who turned 96 this year, had previously announced his retirement plans in May 2025, surprising shareholders and analysts. After stepping down as CEO, Buffett handed over the reins to his longtime lieutenant, Greg Abel.

In a letter to shareholders, Buffett expressed gratitude for the support he has received throughout his career. As Chairman Emeritus, Buffett will continue to provide his insights and judgment to the board of directors while remaining a member of the company's board. Berkshire Hathaway, which Buffett built into a $1.03 trillion conglomerate, includes businesses such as Geico, BNSF Railway, Berkshire Hathaway Energy, Dairy Queen, Fruit of the Loom, and Squishmallows.

Howard Buffett, Buffett's son, has been serving as a Berkshire director since 1993 and has been appointed chairman. Berkshire Hathaway stated that Buffett's values and culture will remain integral to the company, with Howard serving as its guardian. Buffett's influence extends beyond Berkshire Hathaway, shaping the minds of corporate leaders and investors through his emphasis on long-term thinking, disciplined capital allocation, and straightforward management.

His annual shareholder meetings have become a key event for investors seeking guidance on various business matters. Buffett's succession plan received widespread attention, with CEOs across Corporate America looking to him for advice on acquisitions, succession, and navigating market turmoil. In August, Berkshire began reducing its cash reserves, investing billions in stocks like Alphabet and repurchasing its shares, as the company reported higher-than-expected profits, including a 16% increase in operating profit and a more than doubling of net income.