Warren Buffett steps down as Berkshire chairman after decades at the helm, with son Howard becoming chairman while Greg Abel continues running the company as CEO.
OMAHA: Warren Buffett steps down from another defining role at Berkshire Hathaway, completing a major stage of the succession process at the company he transformed from a struggling textile business into a global conglomerate.
Berkshire Hathaway announced that the 96-year-old investor has become chairman emeritus with immediate effect. Buffett will not disappear from the business, however. He remains a member of Berkshire’s board and will continue to offer his perspective to its leadership.
His son, Howard G. Buffett, 71, has been elected chairman of the board. Howard has served as a Berkshire director since 1993, giving him more than three decades of experience on the company’s board.
The appointment does not make Howard the person responsible for Berkshire’s day-to-day operations. That role belongs to chief executive Greg Abel.
Who now runs Berkshire Hathaway?
Berkshire’s succession structure effectively separates management from stewardship.
Abel runs the company as CEO, while Howard’s role as non-executive chairman is expected to centre on protecting Berkshire’s distinctive corporate culture and values. Susan L. Decker also continues as lead independent director.
Warren Buffett steps down as chairman after having already relinquished the chief executive position. Abel took over the CEO role at the beginning of 2026 following the succession announcement made the previous year.
1965. Over the following six decades, he became one of the world’s most closely followed investors.
Under his leadership, Berkshire expanded far beyond its textile origins. Its businesses now span insurance, railways, energy, manufacturing, retail and other industries, alongside a major portfolio of publicly traded investments.
Who is Howard Buffett?
Howard is Warren Buffett’s eldest son and has long been identified as the intended successor to the chairmanship.
Unlike his father, Howard has not built his career primarily around investment management. His background includes farming, philanthropy, conservation and photography, while his decades on Berkshire’s board have given him direct exposure to its governance and culture.
That distinction is important for shareholders. Howard’s appointment does not mean Berkshire’s investment and operational decisions are being transferred from Warren Buffett directly to his son.
Instead, the company has divided those responsibilities, with Abel managing Berkshire and Howard chairing its board.
Warren Buffett steps down while remaining close enough to the company to provide advice during the transition. Berkshire’s official announcement said he would continue offering his judgement and perspective as chairman emeritus.
For Berkshire, the transition represents the clearest indication yet of how the conglomerate intends to operate beyond the investor whose name has been synonymous with it for generations.
Impact to expect
Continuity. Howard Buffett’s chairmanship and Greg Abel’s operational leadership provide Berkshire with a clearly divided succession structure while Warren Buffett remains available as chairman emeritus.
