Politics
Warren Buffett Makes Shocking Announcement
Warren Buffett is officially stepping away from the chairman’s seat at Berkshire Hathaway, ending a historic run that stretched more than half a century.
Berkshire announced Friday that Buffett, 96, will become chairman emeritus effective immediately while remaining on the company’s board of directors.
His son, Howard Buffett, has been elected chairman of the board.
Howard Buffett has served as a Berkshire director since 1993 and has also led the Howard G. Buffett Foundation for decades.
Warren Buffett had served as chairman of Berkshire Hathaway since 1970, overseeing its transformation from a struggling textile company into one of the most powerful conglomerates in American business.
He stepped down as chief executive late last year, handing day-to-day control of the company to longtime lieutenant Greg Abel.
BREAKING: 🇺🇸 Warren Buffett steps down as Berkshire Hathaway Chairman after more than 60 years at the company.
Berkshire has returned 6,642,000% since 1964, nearly 120x the S&P 500 returns. pic.twitter.com/KJJrUgSEPE
— Bull Theory (@BullTheoryio) September 18, 2026
Friday’s announcement marks another major step in Berkshire’s long-planned succession process.
Buffett will not disappear from the company entirely.
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As chairman emeritus, he will remain a director and continue offering his judgment and perspective to Berkshire’s leadership.
Abel praised Buffett’s decades of leadership following the announcement.
“Warren’s impact on Berkshire and its owners is without parallel in the history of American business,” Abel said in a statement. “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”
Buffett built his reputation around long-term investing, disciplined acquisitions and a famously simple approach to business.
Under his leadership, Berkshire amassed a sprawling collection of businesses spanning insurance, railroads, energy, manufacturing, retail and services.
The company also became known for major stock investments in some of America’s most recognizable corporations.
Warren Buffett had already begun easing back from his public role before Friday’s announcement.
Last year, he said Abel would take over as Berkshire’s top executive and later indicated that he planned to reduce his appearances at the company’s annual meeting and stop writing Berkshire’s annual shareholder letter.
Howard Buffett’s elevation to chairman had also been part of Berkshire’s succession planning for years.
Warren Buffett previously said he wanted his son to serve as a safeguard for the company’s culture and values after his departure from daily leadership.
Buffett will now retain an advisory presence while Howard oversees the board and Abel continues running Berkshire as CEO.
For one of the longest-running leadership tenures in corporate America, Friday’s move closes another major chapter.
