Warren Buffett Steps Down as Berkshire Chairman After 56 Years

Warren Buffett has stepped down as chairman of Berkshire Hathaway after 56 years in the role, marking another major stage in the leadership transition at the conglomerate.

Berkshire Hathaway announced on Friday that Buffett, 96, had been named chairman emeritus with immediate effect. He will remain a member of the company’s board of directors and continue providing advice and perspective.

His son, Howard G. Buffett, has been elected as the new chairman of the board. Howard has served as a Berkshire director since 1993 and has been involved with the company’s governance for more than three decades.

The change follows Warren Buffett’s decision to step down as Berkshire’s chief executive officer at the end of 2025. Greg Abel succeeded him as CEO and remains responsible for running the company.

Buffett became chairman of Berkshire Hathaway in 1970, five years after joining the company’s board. During his tenure, he transformed Berkshire from a struggling textile business into a global conglomerate with interests spanning insurance, rail transportation, energy, manufacturing, services and retail.

In a letter to shareholders announcing the latest transition, Buffett said his time as chairman had been a privilege and expressed confidence in Berkshire’s future.

He also described the division of responsibilities between the new leadership, saying Greg Abel runs the company while Howard Buffett will help guard its culture and values.

Abel, in a statement on behalf of Berkshire’s board, praised Buffett’s influence on the company and its shareholders, saying the culture and values he established would remain central to the business.

Howard Buffett, who has served as chairman and chief executive of the Howard G. Buffett Foundation since 1999, will oversee the board while Abel continues managing Berkshire’s operations.

Susan L. Decker will remain Berkshire’s lead independent director.

The latest change completes another important stage of the succession plan that Buffett and Berkshire’s board have developed over several years.

Although he is leaving the chairmanship, Buffett will remain closely connected to Berkshire as a director and shareholder.

His departure from the chairman’s position brings an end to a 56-year period in which he became synonymous with the company and established Berkshire as one of the most closely followed businesses in global financial markets.