Warren Buffett is stepping aside as chairman of Berkshire Hathaway, with his son Howard Buffett set to take over the role under the company’s longstanding succession plan.
The 96-year-old investor will become chairman emeritus and remain on the board of directors, Berkshire Hathaway said. Greg Abel, 64, is the company’s chief executive after taking over from Buffett several months ago.
In a letter to shareholders, Buffett wrote: “Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”
Buffett spent six decades turning Berkshire Hathaway from a struggling textile manufacturer into one of the world’s most successful companies.
Berkshire Hathaway enters a new era
Mr Abel has been tasked with preserving Berkshire’s decentralised operating model, one of the conglomerate’s defining features, while leading it into a new period of growth.
That growth has slowed in recent years as Berkshire Hathaway has expanded, making it more difficult to identify large acquisition targets with a meaningful impact on the business.
Buffett named Mr Abel as his successor as chief executive in May 2025 and said at the time that he planned to leave the role. The decision surprised many investors, who had widely expected Mr Abel to take over only after Buffett’s death.
Howard Buffett’s appointment as chairman completes the next stage of the succession plan, while Warren Buffett is expected to remain involved as a board member and shareholder.
