Warren Buffett Steps Down as Berkshire Hathaway Chairman at 96, Son Howard Takes the Role

Warren Buffett, 96, announced Friday that he is resigning as chairman of Berkshire Hathaway, a position he has held since 1970, completing his full exit from leadership of the conglomerate he spent roughly six decades building. The move is effective immediately. Buffett will remain on the board as chairman emeritus and will continue as a director, but formal control of the boardroom now passes to his son Howard Buffett, who has served as a Berkshire director since 1993. Susan Decker remains as lead independent director.

In a letter to shareholders, Buffett cited his age and cited CEO Greg Abel as having exceeded expectations since taking the chief executive role at the start of 2026. He wrote that one of his great-grandchildren just turned one and is "moving a bit faster than I am these days." Berkshire shares were little changed on the news, a reflection of how methodically the succession had been telegraphed: Abel was publicly named as CEO successor in 2021, assumed the role at the end of 2025, and Howard's eventual chairmanship had been a long-standing element of the transition plan.

Howard Buffett, a farmer and philanthropist, is expected to serve as a cultural guardian of the firm rather than an operational one, a role his father described as protecting Berkshire's values and character. The transition closes the chapter on Warren Buffett's direct governance of Berkshire, which he transformed from a failing textile business into one of the world's most valuable companies. His current net worth stands at approximately $145 billion according to the Bloomberg Billionaires Index.