Archive · 19 Sep 2026
Warren Buffett Steps Down, Howard Takes Berkshire Chair
Warren Buffett has stopped being Berkshire Hathaway’s chairman after more than 60 years.
He is 96 years old and will remain a company director and shareholder.
His son, Howard Buffett, is becoming chairman.
Howard’s main job will be protecting the company’s culture and values.
Greg Abel will continue running the company’s everyday businesses as CEO.
Buffett started leading Berkshire when it was a struggling textile company.
He helped turn it into a huge company with insurance, railroads, energy, manufacturing and investments.
Berkshire’s shares have grown more slowly than the broader U.S. stock market this year.
Buffett says the company is in excellent hands, but Abel must decide how to use its large cash pile.
Warren Buffett, 96, stepped down as Berkshire Hathaway’s chairman after more than six decades with the company.
Buffett became chairman emeritus and will remain a director and shareholder; Howard Buffett succeeds him as chairman.
Greg Abel continues as CEO, overseeing daily operations, while Howard Buffett is expected to protect Berkshire’s culture and values.
Buffett transformed Berkshire from a struggling textile manufacturer into a roughly $1 trillion conglomerate spanning insurance, railroads, energy, manufacturing and investments.
Berkshire shares have risen about 1% in 2026, trailing the S&P 500’s gain of more than 11%, as Abel manages the company’s large cash holdings.
- Who
- Warren Buffett, Howard Buffett, Greg Abel, Susan Decker and Berkshire Hathaway are central to the leadership transition.
- What
- Warren Buffett stepped down as Berkshire Hathaway’s chairman and became chairman emeritus; Howard Buffett succeeded him.
- When
- The change was announced in a shareholder letter on Friday and took effect immediately, following Abel’s move to CEO roughly nine months earlier.
- Where
- The transition concerns Berkshire Hathaway, whose Omaha office and operations are referenced in the reports.
- Why
- The move advances Berkshire’s long-planned succession and separates daily management from stewardship of the company’s culture and values.
Succession and continuity
Execution and performance risks
Leadership structure
Succession and continuity
Buffett and Abel say Berkshire is in excellent hands, with Abel running the company and Howard Buffett preserving its culture and values.
Execution and performance risks
Analysts and observers say Abel and Howard must prove they can preserve Berkshire’s distinctive approach without Buffett formally leading the board.
Berkshire’s outlook
Succession and continuity
Buffett’s tenure produced a 19.7% compounded annual shareholder return in one report, while another cited 19.9%, nearly twice the S&P 500’s long-term performance.
Execution and performance risks
Berkshire shares have gained about 1% in 2026, compared with more than 11% for the S&P 500, increasing pressure on Abel’s leadership.
Capital allocation
Succession and continuity
Abel has extensive knowledge of Berkshire’s businesses and has received Buffett’s strong endorsement after exceeding his high expectations.
Execution and performance risks
Analysts question how effectively Abel will deploy Berkshire’s roughly $365 billion cash pile and warn that the transition increases execution risk.
- Outgoing chairman
- Warren Buffett, who took control of Berkshire Hathaway in 1965 and had been chairman since 1970
- New chairman
- Howard Buffett, who has served on Berkshire Hathaway’s board since 1993
- Chief executive
- Greg Abel, who assumed the CEO role around the start of 2026, according to the reports
- Board oversight
- Susan Decker remains lead independent director
- Operating earnings
- Berkshire reported $44.5 billion in operating earnings last year
- Cash holdings
- Reports put Berkshire’s cash pile at approximately $365 billion to $365.5 billion
- Share performance
- Berkshire shares rose about 1% in 2026, versus more than 11% for the S&P 500
- Workforce
- Nearly 400,000 employees
