Why did Warren Buffett step down as Berkshire Hathaway chairman?

Buffett said in a letter to shareholders that father time always wins, and he noted that he recently celebrated his 96th birthday with family and friends. He also said the company is in excellent hands and that he is more confident than ever about what lies ahead.

Who will replace Warren Buffett as Berkshire Hathaway chairman?

Howard Buffett will become chairman of Berkshire Hathaway. The company said Warren Buffett will stay on as chairman emeritus and remain a member of the board of directors.

How big has Berkshire Hathaway become under Warren Buffett?

Berkshire said the company grew from a former small textile company into a gigantic conglomerate under Buffett’s leadership. It now owns dozens of businesses, including Duracell and Geico, and holds shares in companies such as Coca-Cola and Bank of America.

Warren Buffett steps down as Berkshire Hathaway chairman

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Summary

Warren Buffett stepped down as chairman of Berkshire Hathaway in Washington on Friday, ending more than half a century leading the conglomerate. His resignation is effective immediately, and he will remain on the board as chairman emeritus. Howard Buffett will succeed him as chairman. Berkshire said Buffett had announced plans last year to retire from leading the business group.

Key Facts

Berkshire Hathaway said Warren Buffett’s resignation as chairman is effective immediately.
Buffett will remain a member of the board of directors as chairman emeritus.
Howard Buffett will take over as chairman.
Buffett had announced plans last year to retire from leading the business group.
Berkshire Hathaway is now worth over $1 trillion on Wall Street, a first for an American group outside the tech sector.

By AFP

Published Sep 19, 2026 12:33 am KST

Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview in Omaha, Neb., May 7, 2018. AP-Yonhap

WASHINGTON — Influential U.S. billionaire investor Warren Buffett stepped down as chairman of Berkshire Hathaway, the conglomerate announced Friday.

The news brings to an end the revered investor's more than half a century of running the group, which he turned into a financial behemoth.

Buffett's resignation is "effective immediately," although he will remain a member of the board of directors as chairman emeritus, Berkshire Hathaway said in a statement.

Buffett's son Howard Buffett will take over as chairman, the statement added.

The 96-year-old had announced plans last year to retire from leading the business group.

Berkshire Hathaway, a former small textile company, has grown over the years into a gigantic conglomerate under Buffett's leadership, and is now worth over $1 trillion on Wall Street -- a first for an American group outside the tech sector.

Today, his conglomerate owns dozens of businesses, from Duracell batteries to U.S. insurer Geico, and shares in carefully selected companies, from Coca-Cola to Bank of America.

"Father Time always wins. He has, however, been generous with me," Buffett said in a letter to shareholders. "He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands."

"Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one," Buffett said. "He's moving a bit faster than I am these days."

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