Warren Buffett, 96, resigned as chairman of Berkshire Hathaway Inc. on Friday after serving for more than five decades. It was announced that Buffett will become chairman emeritus starting today, and his son, Howard Buffett, will be appointed as the chairman. However, Warren Buffett will continue working as a director at Berkshire Hathaway.
Howard Buffett, Warren Buffett's son, will become the new chairman of Berkshire Hathaway Inc. He joined the company's board of directors in 1993 and will soon become the chairman.
Warren Buffett has served as Berkshire Hathaway’s chairman since 1970. He started there in 1965, when he helped turn the company from a failed textile business into a large conglomerate.
In his letter to shareholders, Buffett said, "I have been at Berkshire since 1965. I am 60+ years in and still have the best job in the world." He also said, “Father Time always wins,” while remaining positive about the company's future.
The latest leadership change follows Buffett’s earlier departure from the chief executive role. Buffett stepped down as Berkshire Hathaway CEO at the end of 2025, with Greg Abel taking over as CEO from January 1, 2026. Buffett continued as chairman until Friday.
Abel will continue overseeing Berkshire Hathaway’s day-to-day operations. Buffett’s letter to shareholders described the division of responsibilities, with Howard expected to focus on the company’s culture and values while Greg Abel runs the business.
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Although Buffett is leaving the chairman’s position, he will remain a member of Berkshire Hathaway’s board. The company said he will continue to provide his judgment and perspective.
This change is another step in Berkshire Hathaway's planned succession. Buffett's stepping down as chairman comes more than six decades after he started working for Berkshire in 1965 and almost five decades after he became chairman in 1970.