By Admire Manzamwa
OMAHA, Neb. — Warren Buffett will step down as chairman of Berkshire Hathaway, effective immediately, the conglomerate announced Friday, Sept. 18, 2026, closing a six-decade run at the top of one of the world’s most valuable companies.
Berkshire said in a statement that Buffett, 96, will become chairman emeritus and remain a member of the board of directors, where he will “continue to offer his valued judgment and perspective,” according to the company. The board named his son, Howard Buffett, 71, a Berkshire director since 1993, as chairman.
The move comes nine months after Buffett stepped down as chief executive at the end of 2025, handing the reins to longtime lieutenant Greg Abel, Reuters reported.
“Father Time always wins. He has, however, been generous with me,” Buffett wrote in a letter to shareholders Friday, adding that he is “more confident than ever about what lies ahead” for Berkshire, according to Reuters.
Buffett also praised Abel’s performance as chief executive, saying his expectations “were sky high from the start, and he has exceeded them,” the Dow Jones Newswires reported.
The division of labor is now set: Abel runs the company’s operations, while Howard Buffett will lead the board. Abel said in a statement Friday that “the culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Reuters reported.
Buffett took control of Berkshire, then a struggling textile maker, in 1965 and became chairman in 1970. He transformed it into a conglomerate with a market value exceeding $1 trillion, with businesses spanning insurance, railroads, energy, manufacturing and retail. From 1965 through 2025, Berkshire’s per-share market value compounded at an annual rate of 19.7%, compared with an annualized return of 10.5% for the S&P 500 including dividends, according to company and market data cited by Dow Jones Newswires.
Howard Buffett, 71, noted in the announcement materials that he has served as a director since 1993 — what Warren Buffett described as a “longer apprenticeship than I served before taking the reins at the age of 34,” Dow Jones reported.
Shares of Berkshire were little changed on the news, CNN reported. Analysts described the transition as a carefully planned succession rather than a sudden changing of the guard. “Buffett has made a graceful exit,” Brian Jacobsen, chief economic strategist at Annex Wealth Management, told Reuters. “Berkshire has had years to prepare for this transition.”
Buffett first announced plans to step away from the conglomerate in May 2025, surprising shareholders and analysts despite his age, Reuters reported. He had become synonymous with the company, making his succession one of the most closely watched in corporate America.
This story is based on reporting by Reuters, the Associated Press, CNN and Dow Jones Newswires.