Warren Buffett steps down as Berkshire chairman after 56 years

Dubai: Warren Buffett has stepped down as chairman of Berkshire Hathaway after 56 years, completing a leadership transition at the company he has led for more than half a century.

Berkshire said on Friday, September 18, that the 96-year-old Buffett has become chairman emeritus with immediate effect and will remain a member of the board of directors.

His son, Howard G. Buffett, has been elected chairman of the board. Howard Buffett has served as a Berkshire director since 1993.

Greg Abel remains chief executive, having succeeded Warren Buffett in the CEO role at the start of 2026. Susan L. Decker will continue as lead independent director.

The changes leave Abel running Berkshire while Howard Buffett takes over the chairmanship, a division of responsibilities Warren Buffett laid out directly in a letter to shareholders.

“So the timing is right to complete the transition. I will become Chairman Emeritus and remain a Director. My son, Howard, will succeed me as Chairman,” Buffett wrote.

Buffett says Abel has taken full control

Buffett stepped down as Berkshire’s chief executive at the end of 2025, handing the job to Abel after decades of holding both the chairman and CEO positions.

In Friday’s shareholder letter, Buffett said Abel had already assumed full responsibility for running the business.

“My expectations for him were sky high from the start, and he has exceeded them. 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,” Buffett said.

The latest change therefore affects the chairmanship, while Abel continues in the chief executive role.

Buffett has served Berkshire since 1965 and had been chairman since 1970, making his departure from the role the end of a 56-year tenure.

Howard Buffett takes the chair

Howard Buffett, who has spent 33 years on Berkshire’s board, will now oversee the board while Abel continues to run the company.

Warren Buffett described the division simply in his letter to shareholders.

“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.”

Howard Buffett has also served since 1999 as chairman and chief executive of the Howard G. Buffett Foundation, which focuses on global food security and conflict mitigation.

His board experience has included companies such as Archer Daniels Midland, ConAgra Foods, The Coca-Cola Company, Coca-Cola Enterprises and Lindsay Corporation.

Berkshire CEO Abel said Buffett’s influence would remain central to the company.

“Warren’s impact on Berkshire and its owners is without parallel in the history of American business. The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Abel said on behalf of Berkshire’s board.

Buffett remains a director

Buffett is stepping away from the chairman’s seat but is staying on Berkshire’s board and said he intends to remain a shareholder.

“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Buffett wrote.

He added that Berkshire was “in excellent hands” and said he looked forward to remaining a shareholder alongside the company’s other investors.

The September 18 announcement completes the succession process that began when Abel took over as chief executive on January 1, separating Berkshire’s CEO and chairman roles after decades with Buffett at the centre of both.