Warren Buffett has relinquished the chairmanship of Berkshire Hathaway, becoming chairman emeritus with immediate effect while remaining on the company’s board. The move ends his six-decade tenure at the group's helm and installs his son, Howard Buffett, as chairman under Berkshire’s longstanding succession plan.
Berkshire confirmed the change on Friday and said Susan Decker will continue as lead independent director. Greg Abel, who took over as chief executive at the start of 2026 after Buffett stepped down as CEO, will retain responsibility for running the business. Buffett said he remained confident about Berkshire’s future and that the division of duties would allow Abel to lead operations while Howard safeguards the company’s culture and values.
The transition completes a multiyear handover that began when Buffett announced his intention to step down as CEO at Berkshire’s annual meeting in May 2025 and named Abel as his successor. Buffett kept the chair role after that leadership shift until now.
Under Buffett’s stewardship since he took control of the firm in 1965, Berkshire transformed from a struggling New England textile company into a diversified conglomerate spanning insurance, energy, railroads, manufacturing and retail. Last year the company produced $44.5 billion in operating earnings and employed nearly 400,000 people. Over Buffett’s tenure, Berkshire delivered a 19.7% compounded annual return to shareholders, nearly twice the return of the S&P 500 over the same period.
Berkshire’s large cash reserves have been a recurring theme in recent years. The company’s cash pile reached $276.9 billion in the second quarter of 2024 after it sold nearly half of its Apple holding. At that level, the cash amounted to about 7.4 times Nigeria’s external reserves and exceeded the country’s estimated GDP when converted at an exchange rate of ₦1,500 to the dollar.
With Buffett moving to a ceremonial role on the board, operational authority rests with Abel while Howard Buffett assumes responsibility for chair-level oversight. Susan Decker’s continued role as lead independent director preserves an independent governance presence on the board.
