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Berkshire Hathaway announced on Friday that Warren Buffett has stepped down as chairman after more than 60 years with the company, which he transformed from a struggling textile firm into a conglomerate now valued at more than $1 trillion. In a letter to shareholders, the 96-year-old investor wrote that he will assume the title of chairman emeritus while continuing to serve as a director offering his judgement and perspective. “Father Time always wins. He has, however, been generous with me,” Buffett stated in the announcement, which referenced the title “Warren Buffett steps down after six decades at Berkshire – ‘Father Time always wins'” and noted his recent 96th birthday alongside the first birthday of a great-grandchild who is moving faster than he is.
The move comes nine months after Buffett handed the chief executive role to Greg Abel at the start of 2026, following his initial announcement of the CEO succession plan in May 2025 at the company’s annual shareholder meeting. Abel now manages corporate strategy and capital allocation decisions for the Omaha-based firm, according to details shared across multiple reports on the transition. Howard Buffett, who has served as a director since 1993, assumes the non-executive chairman position with a specific mandate to safeguard the company’s culture and values. A Reuters assessment found that the transition feels like the completion of a carefully planned succession rather than a sudden change.
Berkshire Hathaway’s statement emphasised that day-to-day operations will continue without disruption under Abel’s leadership. Howard Buffett, a former farmer and philanthropist also known as Howie, brings more than three decades of board experience and will focus on preserving the principles that have defined the conglomerate. The company has prepared for this transition over many years, with Buffett himself noting that Abel runs the company while his son will guard its culture, both of which he described as worth more than anything on the balance sheet.
Under Buffett’s leadership since taking control in 1965, Berkshire Hathaway shares delivered average annual returns of nearly 20 percent, roughly doubling the performance of the S&P 500 over that period, according to investment performance analyses. The conglomerate now encompasses diverse businesses including Geico insurance, the BNSF railroad, energy operations and consumer brands such as Dairy Queen. Stock market figures show Berkshire Hathaway’s market capitalization standing at $1.09 trillion, while Bloomberg data places Buffett’s net worth at $145 billion, ranking him as the world’s 10th richest person.
Abel praised his predecessor in a company statement, noting that Buffett’s impact on Berkshire and its shareholders is without parallel in American business history. The succession has been viewed by analysts as the completion of a carefully orchestrated plan rather than an abrupt change, with the separation of the chairman and CEO roles allowing focused stewardship of governance and operations. Buffett first signaled his eventual departure from day-to-day leadership several years ago, building confidence in the next generation of executives at the firm.
The Oracle of Omaha, as Buffett is widely known, has also been a prominent philanthropist, co-founding The Giving Pledge in 2010 with Bill and Melinda Gates to encourage billionaires to donate the majority of their wealth. His departure from the chairman role marks the end of an era for a company whose Class A shares have generated cumulative returns exceeding 5.5 million percent during his tenure, according to performance tallies. Despite the leadership change, Berkshire assured investors that its decentralised management structure and long-term investment philosophy will endure, as detailed in the shareholder letter.
