Warren Buffett steps down as Berkshire Hathaway chair after 56 years, son Howard to take over

Warren Buffett, who ended his decades-long tenure as CEO of Berkshire Hathaway at the end of last year, is stepping down as chairman of the conglomerate, a position he has held since 1970.

Buffett, 96, will remain on Berkshire’s board as chairman emeritus. His son, Howard Buffett, who has been a board member since 1993, will succeed him as chairman.

Buffett to remain on Berkshire board

“As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective,” Berkshire Hathaway said in a statement.

Known as the “Oracle of Omaha”, Buffett transformed Berkshire into one of the world’s most valuable companies through his value-investing approach, significantly outperforming the broader market over decades. He is currently the world’s 10th-richest person, with a net worth of $145 billion, according to the Bloomberg Billionaires Index.

Buffett’s influence has extended well beyond Berkshire, shaping generations of corporate leaders and investors through his emphasis on long-term thinking, disciplined capital allocation and straightforward management.

“My expectations for him were sky high from the start, and he has exceeded them. He has taken hold of the Chief Executive Officer job in every respect. He has been making the decisions that matter for some time now, and I have not had to think twice about any of them,” Buffett said.

Succession follows decades at the helm

Buffett first announced in May 2025 that he would step down as Berkshire’s CEO, surprising shareholders and analysts despite his age. After decades at the helm, Buffett had become synonymous with the company, making his succession one of the most closely watched transitions in corporate America.

CEOs across Corporate America have long turned to Buffett as a sounding board on acquisitions, succession planning and navigating periods of market turmoil. Berkshire’s annual shareholder meetings have also become a major gathering point for investors seeking his views on businesses, markets and the broader economy.

In August, Berkshire said it had begun deploying part of its enormous cash stockpile during the second quarter, investing billions of dollars in companies including Alphabet and repurchasing billions of dollars of its own shares. The company also reported higher-than-expected profit.

Buffett’s decision to leave the CEO role last year marked the beginning of the leadership transition, with Greg Abel taking over as chief executive. His move from the chairman’s post now completes another key stage in Berkshire’s succession.