Warren Buffett steps down as Berkshire Hathaway chairman after 60 years

Warren Buffett has announced his retirement as chairman of Berkshire Hathaway, concluding a six-decade tenure at the helm of the $1 trillion conglomerate. The 96-year-old investor will now assume the role of chairman emeritus, while his son Howard will take over the leadership position in line with Berkshire's established succession plan.

Susan Decker is set to remain as the lead independent director. Buffett expressed confidence in the company's future, reflecting on the transformation of Berkshire from a struggling New England textile manufacturer to one of the world's largest conglomerates. Greg Abel, who assumed the role of CEO in early 2026, will continue to steer the business.

According to Buffett, this division of responsibilities will allow Abel to focus on running the company while Howard focuses on preserving its culture and values. Buffett had previously announced his intention to step down as CEO during Berkshire's annual meeting in May 2025, with Abel named as his successor. The company's cash reserves reached $276.9 billion in the second quarter of 2024, following the sale of a significant portion of its Apple holdings.

Buffett took control of Berkshire Hathaway in 1965, gradually expanding the company into various industries such as insurance, energy, railroads, manufacturing, retail, and more. Under his leadership, Berkshire generated $44.5 billion in operating earnings and delivered a 19.7% compounded annual return to shareholders, outperforming the S&P 500 during his tenure.