Warren Buffett steps down as Berkshire Hathaway chairman after six decades

Warren Buffett stepped down as chairman of Berkshire Hathaway on Friday, ending a six-decade run at the helm of the conglomerate he built from a struggling textile company into one of the world’s most valuable businesses.Buffett, 96, will become chairman emeritus and remain on Berkshire’s board of directors, the company announced. His son, Howard Buffett, will take over as chairman after more than 30 years on the board.The move completes a leadership transition that began when Buffett relinquished his role as chief executive at the start of the year, handing day-to-day control of Berkshire to longtime lieutenant Greg Abel. Buffett stunned shareholders at the company’s annual meeting in May 2025 when he announced plans to step aside as CEO. Buffett said Friday that Abel had exceeded his expectations since taking over the trillion-dollar holding company and was already making Berkshire’s major operating and investment decisions, clearing the way for Buffett to surrender his final leadership position.“My expectations for him were sky high from the start, and he has exceeded them,” Buffett wrote in a letter to shareholders. “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.”In his letter, Buffett said the “timing is right to complete the transition,” emphasizing his confidence in Abel and his son’s ability to run the Nebraska-based company.“Howard has been a Berkshire Director for 33 years. That is a longer apprenticeship than I served before taking the reins at the age of 34,” Buffett said. “Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet. Think of Howard as a policy the shareholders own and hope never to claim against.”Since taking over Berkshire Hathaway in 1965, Buffett has transformed it into a company worth roughly $1.2 trillion. He took on the role of chairman in 1970 and spent the following decades building Berkshire through acquisitions and investments.Howard Buffett, 71, has been on Berkshire’s board since 1993. His father has gradually reduced his responsibilities at the company while also giving away much of his fortune through charitable donations.AI GUARDRAILS DEBATE EXPLODES: WHAT YOU NEED TO KNOWDespite surrendering the chairmanship, Warren Buffett indicated Friday that he does not plan to disappear entirely from the company he spent years building as his son takes the reigns.“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” he 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. The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”