Billionaire Warren Buffett, 96, steps down as chairman of Berkshire Hathaway and names his successor, as he says: 'Father time always wins'

Billionaire Warren Buffett has stepped down as the chairman of Berkshire Hathaway, effective immediately, after more than 60 years of guiding the investment firm.The 96-year-old has passed the torch to his son, Howard, who will now succeed him in running the $1 trillion investment giant.Howard, 71, has been a Berkshire director since 1993.Buffett has been named chairman emeritus, an honorary title given to a former board chairman who has retired from active leadership but maintains an advisory role in an organization. In a letter to shareholders reviewed by the Daily Mail, Buffett wrote: 'Father Time always wins. He has, however, been generous with me.'He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.' Buffett, who noted in his letter that he has 'served Berkshire since 1965,' stepped down as CEO just eight months ago. He was replaced by Greg Abel. 'Part of the reason is Greg. My expectations for him were sky high from the start, and he has exceeded them,' the 96-year-old wrote of Abel.'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.' Berkshire Hathaway Chairman Warren Buffett attends the Berkshire Hathaway Inc annual shareholders' meeting in Omaha, Nebraska in 2024Buffett said serving as chairman has been 'privilege of a lifetime' but he knows Berkshire is in 'excellent hands' and that 'I look forward to remaining a shareholder alongside you.'Although he did not disclose the exact reasoning for his retirement, the billionaire's letter seemingly highlighted his old age and desire to spend time with family.'Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one. He’s moving a bit faster than I am these days,' he wrote. Buffett built Berkshire into ​an approximately $1.03 trillion conglomerate that owns dozens of companies, including insurer Geico, battery maker Duracell, and restaurant chain Dairy Queen.'The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will ​be their guardian,' Abel said in a statement on Friday. 'We are grateful to Howard for the care, discipline, and deep understanding of Berkshire he will bring to his new role, and to Sue Decker for her continued leadership and valued contributions as Lead Independent Director.' Berkshire added that 'as Chairman Emeritus, Mr Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective.'Buffett's influence extended well beyond the conglomerate, with his business sense and investment strategies having influenced generations of corporate leaders. Buffett's children, from left, Howard Buffett, Susie Buffett, and Peter Buffett at the CenturyLink Center exhibit hall in Omaha in 2015. Howard has been appointed to succeed his fatherIn recent years, the billionaire's trades have been closely watched by Wall Street heavyweights and everyday investors alike, often triggering sharp moves as money rushes in behind him.When Buffett increased his stake in five Japanese trading houses in 2025 it sent their stocks rocketing.The same happened in late 2024 after it emerged Berkshire had scooped up $563 million of stock in Occidental Petroleum, Sirius XM and VeriSign.His decision to sell shares has also negatively impacted stocks. In February 2025, filings showed he sold shares of DaVita, a healthcare company. The stock immediately dipped more than 11 percent.Under the direction of Buffett, Berkshire has outperformed the S&P 500 dramatically.