Warren Buffett has announced he is stepping down as Chairman of Berkshire Hathaway. The 96-year-old billionaire will become Chairman Emeritus and maintain a position on the board of directors, according to a letter to shareholders released on Friday.
Buffett’s son, Howard Buffett, who has been a director at Berkshire for 33 years, will assume the role of Chairman. This follows a long-standing succession plan within the company.
Buffett expressed confidence in the company’s future in his letter, writing, “Father Time always wins. He has, however, been generous with me.” He added, “The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”
Earlier, Buffett vacated the CEO position at Berkshire earlier, with Greg Abel, then aged 64, succeeding him. Abel was Buffett’s chosen successor due to his capable leadership.
Investor and author Adam Mead noted that Buffett seems to be preparing Berkshire for a future transition, considering his advanced age of 96. Despite the announcement, no health issues for Buffett were disclosed.
Buffett’s legacy includes transforming a struggling textile manufacturer into a global powerhouse, with its stock gaining over 5,500,000% from 1965 to 2024. In 2024, Berkshire was valued at over $1 trillion, marking it as the first non-tech company to reach this milestone.
Known as the “Oracle of Omaha,” Buffett’s insights drew investors to Berkshire’s annual meetings in Omaha. His personal wealth rose to $145 billion, ranking him as the 10th richest person worldwide according to Bloomberg’s Billionaires Index.
As CEO, Abel is tasked with steering Berkshire’s decentralized model into new growth, despite challenges posed by the company’s massive scale. Buffett surprised many when he appointed Abel as CEO in May 2025, signaling a pivotal change in leadership structure.
Michael Winters, a professor at Notre Dame’s Mendoza College of Business, remarked that Buffett’s approach to succession mirrored his strategic investing style. Winters pointed out Buffett’s efforts in setting a deliberate succession plan over the years.
Abel, in his statement, praised Buffett’s unparalleled impact on American business and expressed his readiness to continue Berkshire’s tradition of success.