- Berkshire Hathaway’s longtime leader becomes chairman emeritus and remains on the board as Greg Abel continues as CEO
Warren Buffett has stepped down as chairman of Berkshire Hathaway Inc. (BRK.A, BRK.B), completing another stage of the leadership transition at the conglomerate he has led for more than five decades.
Berkshire said Friday that Buffett has become chairman emeritus effective immediately. His son, Howard G. Buffett, has been elected chairman of the board. Warren Buffett will remain a director and continue providing his perspective to the company.
Howard Buffett Takes Over as Chairman
Howard Buffett has served on Berkshire Hathaway's board since 1993 and will now oversee the board as chairman. Susan L. Decker will continue as lead independent director, according to Berkshire's announcement.
The change follows a succession plan that has already transferred day-to-day executive leadership to Greg Abel, who became Berkshire's CEO earlier this year.
In his letter to shareholders, Warren Buffett said Abel had exceeded his expectations and had already been making the company's key decisions. Buffett said the latest change completes the transition, while describing Howard's role as protecting Berkshire's culture and values.
Warren Buffett Remains a Berkshire Director
Buffett's departure from the chairmanship does not end his formal relationship with Berkshire. The company said he will remain on its board as chairman emeritus and continue to provide his judgment and perspective.
Buffett, who is 96, began working at Berkshire in 1965. He became chairman in 1970 and ultimately transformed the former textile company into a diversified conglomerate with businesses spanning insurance, railroads, energy, manufacturing, retail, and other industries.
In his shareholder letter, Buffett reflected on his tenure and said he remained confident about Berkshire's future under its current leadership.
Greg Abel Now Runs Berkshire's Operations
The chairman change comes after the more consequential transfer of executive authority earlier in 2026. Greg Abel succeeded Buffett as CEO and has been responsible for Berkshire's operating decisions. Buffett said in his letter that Abel had taken control of the CEO role and had been making important decisions for some time.
That leaves the company's leadership structure divided between executive management and board oversight: Abel runs Berkshire's operations, while Howard Buffett takes the chairmanship and Warren Buffett remains involved as a director.
What Happens to Berkshire Hathaway Stock?
Berkshire Hathaway Class B shares (BRK.B) closed Thursday at $509.20, down 2.04% for the session, according to market data. The S&P 500 gained 1.14% on the same day.
The stock move occurred before Berkshire announced the chairman transition, so Thursday's decline cannot be attributed to the announcement.
The leadership change nevertheless puts Berkshire's succession structure back in focus. Warren Buffett is no longer chairman or CEO, but he remains a director, while Abel handles the company's executive leadership and Howard Buffett assumes the board chair.