Warren Buffett has stepped down as chairman of Berkshire Hathaway at the age of 96, ending his more than six-decade tenure at the head of the US conglomerate.
The change took effect on 18 September, with Buffett’s son, Howard G. Buffett, appointed chairman. Howard Buffett has served on Berkshire’s board for 33 years.
Greg Abel became chief executive on 1 January, but the transfer of the chairmanship came as a surprise to some investors. Berkshire said it formed part of a “long-standing succession plan”. Buffett will remain on the board as chairman emeritus.
In his shareholder letter, Buffett said the time was right to complete the transition, noting that Abel had exceeded expectations that were “sky-high from the start”.
He also drew a distinction between the two senior roles. “Greg runs the company; Howard will guard its culture and values,” Buffett wrote, adding that both were “worth more than anything on our balance sheet”.
Abel said Buffett’s influence was “without parallel in the history of American business”. The culture built by Buffett, he added, “will remain at the heart of Berkshire, and Howard will be their guardian”. Susan Decker will continue as lead independent director.
Warren Buffett’s departure as chairman comes as Abel begins to establish his own approach to Berkshire’s investments. The company spent $39.4 billion on equity purchases in the first half of 2026, more than five times the $7.1 billion invested during the same period a year earlier.
Alphabet became Berkshire’s third-largest holding, valued at $37.8 billion at midyear, after Abel added 48.1 million shares. The purchases formed part of a $10 billion commitment to support Alphabet’s artificial intelligence investments.
Abel also oversaw a $6.8 billion purchase of homebuilder Taylor Morrison and the resumption of $4.5 billion in share buybacks after more than a year without such activity.
The succession will test whether Abel can maintain Berkshire’s investment discipline while making capital-allocation decisions that may differ from those Buffett would have taken.
