Warren Buffett, 96, has stepped down as chairman of Berkshire Hathaway after more than 50 years, taking the title of chairman emeritus while remaining on the board. His son Howard Buffett becomes the new chairman, while Greg Abel remains chief executive, completing a succession plan that began when Abel took over as CEO on January 1, 2026.
In a letter to shareholders, Buffett wrote: “Greg runs the company; Howard will guard its culture and values — both worth more than anything on our balance sheet.” Howard Buffett, 71, has been a Berkshire board director since 1993 and has also served on boards including Coca-Cola and ConAgra Foods.
The transition caps Buffett’s six-decade transformation of Berkshire from a struggling textile maker into a conglomerate spanning insurance, railroads, energy and manufacturing. Under his leadership, Berkshire generated a 19.7% compounded annual return, produced cumulative returns of more than 6,100,000% from 1965 through 2025, and surpassed a $1 trillion market value in 2024.
Berkshire’s Class B shares slipped more than 0.5% on Friday after the announcement. The stock is up only about 2% in 2026, compared with an S&P 500 gain of more than 11%, and it remains below its record high from May 2, 2025. Meyer Shields at Keefe, Bruyette & Woods said he expected some pressure on Berkshire shares following the news.
Abel has already begun deploying Berkshire’s roughly $365 billion cash pile, including a $10 billion Alphabet stake and an $8.5 billion deal to acquire homebuilder Taylor Morrison. Investors will watch whether Abel can maintain Berkshire’s capital-allocation discipline without relying on Buffett’s personal reputation as the ultimate backstop.
