Warren Buffett, 96, steps down as Berkshire Hathaway chairman and hands the reins to his son Howard

From the Newshound archive · first published 19 September 2026.

Warren Buffett has stepped down as chairman of Berkshire Hathaway with immediate effect after more than six decades at the helm of the $1 trillion investment giant. His son Howard Buffett, 71, a Berkshire director since 1993, will succeed him as chairman. Buffett becomes chairman emeritus and remains on the board, just eight months after handing the CEO role to Greg Abel.

In a letter to shareholders, Buffett wrote: 'Father Time always wins. He has, however, been generous with me.'

Abel said Howard will be the 'guardian' of the culture and values Buffett built, describing them as 'worth more than anything on our balance sheet.'

Buffett bought Berkshire in 1965 as a struggling textile firm and transformed it into a conglomerate worth over $1 trillion, with stakes in Apple, Coca-Cola and American Express.