Warren Buffett has stepped down as chairman of Berkshire Hathaway with immediate effect, ending more than six decades at the helm of the investment giant.
The 96-year-old billionaire will be succeeded as chairman by his son, Howard Buffett, 71, who has served on Berkshire’s board since 1993. Warren Buffett has been appointed chairman emeritus and will remain a director in an advisory capacity.
In a letter to shareholders, Buffett wrote: “Father Time always wins. He has, however, been generous with me.”
He added: “He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”
Buffett, who said he had served Berkshire since 1965, relinquished the chief executive role eight months ago. Greg Abel replaced him as chief executive and has since taken responsibility for the company’s key decisions.
“Part of the reason is Greg. My expectations for him were sky high from the start, and he has exceeded them,” Buffett wrote.
He said Abel had “taken hold of the Chief Executive Officer job in every respect”, adding: “He has been making the decisions that matter for some time now, and I have not had to think twice about any of them.”
Howard Buffett appointed chairman
Berkshire Hathaway said Warren Buffett would continue to offer his “valued judgment and perspective” as a member of the board.
Greg Abel said the company’s culture and values would remain central to Berkshire Hathaway, with Howard Buffett acting as their guardian.
Under Buffett’s leadership, Berkshire grew into a conglomerate worth approximately $1.03 trillion, with holdings including insurer Geico, battery maker Duracell and restaurant chain Dairy Queen.
Buffett’s investment decisions have been closely followed by investors. Berkshire’s increased stakes in five Japanese trading houses in 2025 sent their shares higher, while news of a $563 million investment in Occidental Petroleum, Sirius XM and VeriSign had a similar effect in late 2024.
His share sales have also influenced markets. When filings showed in February 2025 that Berkshire had sold stock in healthcare company DaVita, the company’s shares fell by more than 11 per cent.
