Warren Buffett Steps Down as Chairman of Berkshire Hathaway at 96
Warren Buffett, 96, is stepping down immediately as chairman of Berkshire Hathaway after leading the trillion-dollar conglomerate since 1965. His son Howard Buffett will succeed him.
Legendary investor Warren Buffett, 96, announced to investors that he is stepping down as chairman of Berkshire Hathaway with immediate effect. Buffett has led the trillion-dollar conglomerate since 1965. Buffett will become chairman emeritus while remaining on the company's board of directors, according to a separate company statement. His son, Howard Buffett, will succeed him as chairman, as established in a long-standing succession plan, Berkshire stated. Susan Decker will continue to serve as lead independent director.
Leadership Transition and Legacy
"Time always wins," Buffett wrote. "Yet, it has been generous to me. It has given me the opportunity to see Berkshire reach a point where I am more confident than ever in its future." Buffett's decision comes a little over nine months after Greg Abel, 64, stepped into the CEO role, while Buffett continued to serve as chairman. Buffett first announced his intention to step down as CEO at Berkshire's annual meeting in May 2025. The announcement then surprised thousands of attendees despite his advanced age. Half a year later, he announced he would no longer write his annual letter to investors.
"Greg is running the company, Howard will guard its culture and values—and both are worth more than anything on our balance sheet," Buffett wrote. "Think of Howard as an insurance policy owned by shareholders that they hope they will never have to cash in."
Historic Growth and Market Impact
Buffett's legacy in building Berkshire, headquartered in Omaha, Nebraska, is unprecedented in corporate America. At age 34, he took control of a failing New England textile mill, and over the next six decades transformed it into a financial and industrial empire that posted an operating profit of 44.5 billion dollars last year and employs nearly 400,000 workers. During Buffett's tenure, Berkshire recorded a cumulative average annual return of 19.7 percent for shareholders—nearly double the return of the S&P 500 index. Even during his final year as chairman, Buffett remained active in the company. Abel told CNBC in March that Buffett still comes to its Omaha offices daily and that he continues to consult with him frequently.
