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Warren Buffett Steps Down as Berkshire Chairman After Six Decades
Warren Buffett is leaving his job as chairman of Berkshire Hathaway after about 60 years.
He will still be a company director and shareholder.
His son, Howard Buffett, will become chairman.
Howard will help protect the company’s culture and values, rather than run its daily business.
Greg Abel is already Berkshire’s chief executive and runs its operations.
Buffett said Abel has done better than expected and that the company is in excellent hands.
Buffett began leading Berkshire when it was a struggling textile company.
It later became a huge business involved in insurance, railroads, energy, manufacturing and investments.
Berkshire’s shares have performed less strongly than the wider U.S. stock market this year.
Warren Buffett is stepping down as Berkshire Hathaway’s chairman and becoming chairman emeritus while remaining a director.
His son, Howard Buffett, will become chairman and focus on protecting Berkshire’s culture and values.
Greg Abel has led Berkshire’s day-to-day operations as chief executive since taking over about nine months ago.
Buffett transformed Berkshire from a struggling textile mill into a conglomerate with nearly 400,000 employees.
Berkshire shares have gained about 1% in 2026, trailing the S&P 500’s increase of more than 11%.
- Who
- Warren Buffett, Howard Buffett, Greg Abel and Berkshire Hathaway are central to the leadership transition.
- What
- Warren Buffett is stepping down as Berkshire Hathaway’s chairman and becoming chairman emeritus; Howard Buffett will succeed him.
- Where
- The transition concerns Berkshire Hathaway, whose headquarters and Omaha office are referenced in the reports.
- When
- The change was announced on Friday, after Greg Abel became chief executive about nine months earlier.
- Why
- The move advances Berkshire’s succession plan and separates daily operational leadership from stewardship of the company’s culture and values.
Key facts
- Outgoing chairman
- Warren Buffett, who led Berkshire since 1965
- New chairman
- Howard Buffett
- Chief executive
- Greg Abel
- Lead independent director
- Susan Decker
- Berkshire operating earnings
- $44.5 billion last year
- Cash holdings
- $365.5 billion
- Employees
- Nearly 400,000
Quotes
Warren Buffett
Outgoing Berkshire Hathaway chairman and longtime investor
“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.”
CNBC TV 18
“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.”
CNBC TV 18
