Warren Buffett Steps Down as Berkshire Chairman After 60 Years
Investment legend Warren Buffett officially stepped down from his position as Chairman of Berkshire Hathaway on Friday (18/9/2026), ending more than six decades of leadership in building the massive conglomerate, which is now valued at approximately US$1.1 trillion.
According to Reuters, Buffett, now 96 years old, has been appointed as Chairman Emeritus. Meanwhile, his eldest son, Howard Buffett (7му71), who has been a member of the board of directors since 1993, will replace him as Non-Executive Chairman.
This change comes approximately nine months after Buffett relinquished his role as Chief Executive Officer (CEO) of Berkshire Hathaway, handing the leadership baton to Greg Abel, his long-time trusted lieutenant. Although no longer serving as chairman, Buffett will remain a member of the company’s board of directors.
Known by the nickname “the Oracle of Omaha,” Buffett successfully transformed Berkshire Hathaway from a near-failing textile company in New England into one of the most valuable companies in the world. He is also widely recognised for his value investing philosophy, which has influenced generations of investors and executives. His simple communication style has made complex investment concepts accessible to the general public.
“God’s timing is always perfect. He has been very good to me,” Buffett wrote in a letter to shareholders, quoted on Sunday (20/9/2026). “After more than 60 years, I still have the best job in the world. Not many people my age can say that, and I have never felt more optimistic about what is to come.”
Under Buffett’s leadership, Berkshire Hathaway grew into a conglomerate with diverse businesses, ranging from the motor insurance company GEICO, railway operator BNSF, energy companies, manufacturing, and retail, to the Dairy Queen ice cream chain. Berkshire also holds a stock investment portfolio worth hundreds of billions of US dollars, including stakes in major companies such as Apple, American Express, Alphabet (Google’s parent company), and Coca-Cola. The presence of Berkshire is unique among the club of companies valued at over US$1 trillion, which has traditionally been dominated by technology giants.
The market reacted calmly to the leadership change. Berkshire Hathaway shares were recorded to have risen by approximately 0.4% during Friday’s local trading session. Analysts suggest that Buffett’s move was not a surprise, but rather part of a succession process that has been prepared for years.
“It was always a matter of when, not if. Buffett is executing an elegant transition,” said Brian Jacobsen, Chief Economic Strategist at Annex Wealth Management. “This feels more like the conclusion of a mature succession plan rather than a sudden leadership change.”
While Greg Abel now leads the company’s operations as CEO, Howard Buffett will play a role in preserving the corporate culture that has become a hallmark of Berkshire Hathaway. Unlike his father, Howard will not be directly involved in day-to-day business management. Berkshire’s culture is known for granting significant autonomy to its subsidiaries to manage their own operations without excessive interference from central management.
In an interview with the Wall Street Journal in January 2025, Howard Buffett explained the Berkshire culture philosophy that he intends to uphold: “It is nothing complicated. Our culture is to keep everything simple, do what needs to be done and avoid doing what is unnecessary, treat people fairly, respect managers and shareholders, and communicate bad news openly and honestly.”
According to Forbes magazine, Buffett’s wealth currently stands at approximately US$145 billion. This value could arguably be much higher if he had not donated more than half of his Berkshire Hathaway holdings to charitable causes since 2006. Despite stepping down as chairman, Berkshire has emphasised that Buffett will continue to provide insight, judgement, and strategic advice as a member of the company’s board of directors.