Warren Buffett steps down as Berkshire chairman after decades of leadership

American investor Warren Buffett has resigned as chairman of Berkshire Hathaway's board of directors. He has been given the status of honorary chairman, and his son Howard Buffett has been elected as the new chairman of the company.

The changes took effect immediately, Berkshire Hathaway announced on September 18. The 96-year-old Buffett remains a member of the board of directors and will continue to participate in the company's work as an advisor.

Howard Buffett has been a member of Berkshire's board of directors since 1993. The company noted that his appointment is in line with a long-standing succession plan. Meanwhile, operational management of Berkshire remains with CEO Greg Abel.

In a letter to shareholders, Warren Buffett said he believes the moment is appropriate to complete the transfer of leadership. According to him, Abel has already fully taken over the functions of CEO and has been making key decisions for the company for some time.

Buffett explained that his son's role will differ from that of the CEO: Greg Abel will manage the business, while Howard will help preserve Berkshire's corporate culture and principles.

"Time always wins. However, it has been generous to me", Buffett wrote to shareholders, adding that he remains confident in the company's future.

This completes the main stage of the transfer of management of Berkshire Hathaway. Buffett had led the company since 1965 and turned the former textile manufacturer into one of America's largest conglomerates. At the end of 2025, he already stepped down as CEO, a position held by Greg Abel since the beginning of 2026.

Berkshire owns dozens of businesses in insurance, rail transport, energy, industry, and consumer sectors, as well as a large portfolio of stocks of American companies.

Based on materials from: Berkshire Hathaway