Warren Buffett has stepped down as chairman of Berkshire Hathaway, ending a run of more than five decades at the helm of the conglomerate he built into a roughly $1 trillion enterprise. The change takes effect immediately, with Buffett assuming the title of chairman emeritus while remaining a member of the board of directors.

His son, Howard G. Buffett, a director since 1993, has been elected chairman. Greg Abel continues as chief executive officer, a position he assumed earlier in 2026. Susan L. Decker remains lead independent director.

Succession Completes Long-Planned Transition

The move follows Buffett’s earlier decision to hand the chief executive role to Abel. In a letter to shareholders, Buffett stated that Abel has exceeded expectations and that the company is in excellent hands. He wrote that “Father Time always wins,” adding that the timing is right to complete the transition.

Abel commented on behalf of the board that Buffett’s impact is without parallel in the history of American business. He said the culture and values Buffett championed will remain central, with Howard serving as their guardian.

Howard Buffett, 71, has long been involved with the company and serves as chairman and chief executive of the Howard G. Buffett Foundation, which focuses on global food security and conflict mitigation. He previously served as a United Nations Goodwill Ambassador Against Hunger for the World Food Programme.

Berkshire’s Scale and Recent Capital Deployment

Buffett took control of Berkshire when it was a struggling textile manufacturer and transformed it into a diversified conglomerate with operations in insurance, railroads, energy, manufacturing and retail, alongside a substantial equity portfolio. The company’s shares have delivered returns of 6,642,000 percent since 1964, far outpacing the broader market over the same period.

At the end of June, Berkshire held $359.2 billion in cash, cash equivalents and U.S. Treasury bills, net of unsettled purchases, along with $340.8 billion in equity and fixed-income securities. In the first half of 2026 the company spent $4.8 billion on share repurchases, mostly in the second quarter.

Berkshire also completed the approximately $9.4 billion acquisition of OxyChem in January and acquired homebuilder Taylor Morrison for roughly $6.8 billion in July. Berkshire’s shares have risen about 1 percent in 2026, lagging a gain of more than 11 percent for the S&P 500.

Leadership Structure After the Change

As chairman emeritus, Buffett will continue to offer judgment and perspective but no longer holds formal authority over board decisions. The separation of the chairman and chief executive roles marks a structural shift after decades in which Buffett held both positions.

Buffett, who turned 96 in late August, described serving as chairman as the privilege of a lifetime and expressed confidence in Berkshire’s future under the new leadership arrangement.