Warren Buffett has stepped down as chairman of Berkshire Hathaway after more than five decades leading the investment giant, marking the end of one of the longest leadership eras in global business.
Berkshire Hathaway announced that Buffett, who served as chairman since 1970, will now become chairman emeritus while remaining a member of the company’s board of directors. His son, Howard G. Buffett, has been appointed as his successor as chairman.
The transition completes a leadership change that began earlier in 2026 when Buffett handed over the company’s chief executive role to Greg Abel. Abel has since taken responsibility for Berkshire Hathaway’s daily operations, while Buffett remained chairman until the latest announcement.
Buffett’s departure from the chairman role ends a 56-year period in which he transformed Berkshire Hathaway from a struggling textile company into one of the world’s largest and most influential conglomerates.
Under Buffett’s leadership, Berkshire expanded into insurance, energy, transportation, manufacturing and investments, building a reputation around long-term investing, disciplined capital allocation and acquiring businesses with strong fundamentals.
Known globally as the “Oracle of Omaha,” Buffett became one of the most recognised figures in finance through his investment philosophy and his ability to communicate complex business ideas in simple terms.
In a message to shareholders, Buffett expressed confidence in the company’s future leadership structure. He said Howard Buffett’s role would focus on protecting Berkshire’s culture and values, while Greg Abel continues to oversee the company’s operations.
Howard Buffett, who has served on Berkshire Hathaway’s board since 1993, takes over the chairmanship as part of a succession plan designed to maintain continuity within the company.
Greg Abel, who succeeded Buffett as chief executive, remains responsible for running Berkshire Hathaway’s business activities. The separation of chairman and CEO roles reflects the company’s planned approach to leadership transition.
Buffett’s tenure at Berkshire Hathaway made him one of the most influential investors in modern history. His approach focused on buying quality companies, holding investments for the long term and allowing businesses to grow under capable management.
Beyond business, Buffett has also been known for his charitable giving. He has pledged to donate the majority of his wealth to philanthropic causes over time.
The leadership change represents a significant moment for Berkshire Hathaway, although Buffett will continue to remain connected to the company as a director and adviser.
For shareholders and investors, the focus now shifts to how Berkshire maintains its investment philosophy and corporate culture under its new leadership structure.
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