Warren Buffett has officially stepped down as chairman of Berkshire Hathaway, transitioning immediately to the role of chairman emeritus. The Omaha, Nebraska-based conglomerate announced the transition on Friday, Sept. 18, marking the end of an era for the 96-year-old investing legend who built the company into a $1.03 trillion powerhouse.
The company named his son, Howard Buffett, as the new chairman. Howard has served as a Berkshire director since 1993. This leadership transition follows Buffett's decision earlier this year to step down as chief executive officer, at which point he handed the CEO reins to his longtime lieutenant, Greg Abel.
In a letter to shareholders, Buffett reflected on his departure with characteristic humor and grace. "Father Time always wins. He has, however, been generous with me," he wrote. Abel praised the outgoing leader in a statement on Friday, noting, "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."
Under Buffett's leadership, Berkshire grew to encompass dozens of diverse businesses, including Geico car insurance, the BNSF railroad, Berkshire Hathaway Energy, Dairy Queen ice cream, Fruit of the Loom underwear, and Squishmallows plush toys. His influence extended far beyond his own companies, as corporate leaders across America frequently sought his advice on acquisitions, succession, and market volatility. His annual shareholder meetings served as a global hub for investors tracking the broader economy.
Buffett first surprised the market by announcing his plans to step away from the conglomerate in May 2025. His succession has been one of the most closely watched events in corporate history. The leadership change comes amid strong financial performance for Berkshire. In August, the company reported a 16% increase in quarterly operating profit to $12.98 billion, beating analyst expectations. Net income more than doubled to $25.67 billion, a figure that includes unrealized gains and losses on stocks Berkshire continues to hold. During the second quarter, Berkshire also began trimming its massive cash reserves, investing billions of dollars in stocks like Alphabet and repurchasing billions of its own shares.
