Berkshire Hathaway announced on Sept. 18 that Warren Buffett, 96, has stepped down as chairman effective immediately. He will remain a director and take the title of chairman emeritus. The board also named his eldest son, Howard Buffett, 71, as chairman, while Greg Abel remains chief executive officer.
The change hands over Buffett’s final top governance role at the company. He had already said at Berkshire’s May 2025 shareholder meeting that he would step down as CEO at the end of the year, with Abel set to take over on Jan. 1, 2026. Buffett kept the chairman role at that time.
End of a 56-year run as chairman
Buffett took control of Berkshire in 1965 and became chairman in 1970, holding that position for 56 years.
The company said in its release that the leadership change is consistent with Berkshire’s long-term succession plan. Susan Decker will continue to serve as lead independent director. In a statement on behalf of the board, Greg Abel said Buffett’s impact on Berkshire and its shareholders is unmatched in American business history. He added that the culture Buffett built and the values he insisted on will remain central to Berkshire, with Howard Buffett serving as their guardian.
Buffett sets out the division of roles
In his shareholder letter released at the same time, Buffett wrote that he had recently celebrated his 96th birthday with family and friends, including a great-grandson who had just turned 1, adding that 「he now moves a little faster than I do」.
Buffett said he has worked for Berkshire for more than 60 years and still has 「the best job in the world」. He explained the timing of the transition by pointing to Abel, saying he had high expectations for him from the start and that Abel exceeded them.
Buffett wrote that Abel has been making important decisions for some time and that none of them required further thought from him. On that basis, he said now is the right time to complete the transition.
He laid out the structure in direct terms: Greg Abel will run the company, while Howard Buffett will protect Berkshire’s culture and values. Buffett wrote that both are worth more than anything on the balance sheet.
He also used an insurance analogy, telling shareholders to think of Howard Buffett as a policy owned by shareholders but one they hope never has to pay a claim. In that framework, Abel handles day-to-day operations, and Howard Buffett steps in as a check if the company’s culture ever comes under strain.
Howard Buffett has spent 33 years on the board
Howard Buffett joined Berkshire’s board in 1993 and has now served for 33 years. Buffett said that apprenticeship lasted even longer than the period before he himself took charge of Berkshire at age 34.
According to the company release, Howard Buffett has served as chairman and CEO of the Howard G. Buffett Foundation since 1999. The foundation focuses on global food security and conflict mitigation. He also served for nearly a decade as an anti-hunger goodwill ambassador for the United Nations World Food Programme.
Howard Buffett has also held board seats at several companies, including Archer Daniels Midland, ConAgra Foods, Coca-Cola, and Lindsay Corporation. He served as chairman of Lindsay from 2002 to 2003.
Buffett had already signaled this path years ago. In December 2011, he told CBS News that he wanted Howard Buffett to succeed him as non-executive chairman, a role that does not involve running daily operations.
Abel remains in charge of operations
The latest change does not alter the company’s operating leadership. Under the company announcement and Buffett’s own letter, Abel continues to oversee Berkshire’s business operations.
Buffett described the split plainly: Abel runs the company, Howard safeguards the culture and the values. Berkshire’s governance structure is now defined along those lines.
In a Thanksgiving letter last November, Buffett said he would keep a large holding of Berkshire Class A shares until shareholders developed the same level of trust in Greg Abel that they had in Buffett and the late vice chairman Charlie Munger. His new letter did not address his shareholding plans. It said only that the company is in very good hands and that he looks forward to remaining a shareholder alongside other investors.
Muted market reaction
Markets showed little surprise after the announcement. Berkshire Class B shares closed at $509.77 on Sept. 18, up 0.11%. The stock traded as high as $512.07 and as low as $506.13 during the session, a spread of about 1.2%. Class A shares ended at $763,600, down 0.04%.
Howard Buffett’s succession had been discussed publicly more than a decade ago, and the flat market reaction suggested investors had already priced in the move.
Buffett says Father Time always wins
Buffett ended the letter with a blunt line: 「Father Time always wins.」 He added that Father Time had been generous to him, allowing him to see Berkshire reach a point where he feels more confident about its future than ever before.
With the chairman transition now complete, Berkshire’s leadership setup is clearer. Greg Abel is responsible for running the company, Howard Buffett takes the chairman seat and the role of cultural steward, and Warren Buffett stays on as chairman emeritus and director.