Warren Buffett steps down as Berkshire chairman
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| Laptop and financial documents on a desk. Illustrative image |
OMAHA, Nebraska — September 18, 2026
Warren Buffett has stepped down as chairman of Berkshire Hathaway after more than six decades leading the conglomerate, completing another major stage in the company’s planned leadership transition.
Buffett, 96, has been named chairman emeritus, while his oldest son, Howard Buffett, 71, has become Berkshire’s non-executive chairman. Warren Buffett will remain on the company’s board and continue to provide his perspective to directors and management.
The change comes about nine months after Buffett left the chief executive role and handed control to longtime executive Greg Abel. Berkshire announced Abel as Buffett’s planned successor in 2021, although Buffett surprised investors in 2025 by saying he would step down as CEO earlier than many expected.
Buffett said in a letter to shareholders that he remained positive about his next chapter and described his more than 60 years at Berkshire as an unusually long and rewarding period.
Under Buffett, Berkshire grew from a struggling New England textile company into a conglomerate valued at about $1.1 trillion. Its businesses include GEICO, BNSF Railway, energy and industrial operations, Dairy Queen and a range of consumer brands.
Berkshire also holds a large portfolio of publicly traded companies, including Apple, American Express, Alphabet and Coca-Cola. Its shares rose about 0.4% in afternoon trading on Friday.
Howard Buffett has been a Berkshire director since 1993 but will not take on day-to-day management responsibilities as chairman. His main role will be protecting the corporate culture developed under his father.
That culture gives Berkshire’s operating companies considerable independence while emphasizing simple management, long-term thinking, fair treatment of employees and shareholders, and direct communication about problems.
Abel said Howard would act as a guardian of the values established by Warren Buffett. The company’s other senior executives continue to oversee major parts of the business, including Vice Chairman Ajit Jain in insurance and President Adam Johnson in consumer, services and retail operations.
Since becoming CEO, Abel has begun making his own decisions on Berkshire’s investments. The company spent $16.8 billion over two days to acquire homebuilder Taylor Morrison and increased its investment in Alphabet.
Berkshire ended June with about $364.7 billion in cash and cash equivalents, giving Abel substantial financial resources for future acquisitions and investments.
Buffett’s reduced role had been expected as part of the succession plan. The company’s shares, however, have underperformed the S&P 500 by about 11 percentage points so far in 2026 through Thursday, while the stock trades at roughly 1.5 times trailing book value.
Some analysts have said the premium investors once placed on Berkshire because of Buffett’s direct involvement has largely disappeared. The company will now face greater scrutiny over how Abel allocates its capital and maintains Berkshire’s investment and management culture.
Buffett remains one of the world’s wealthiest people, with a fortune estimated at about $145 billion by Forbes. His wealth would have been considerably higher without his donations of more than half his Berkshire shares to charity since 2006.
