Warren Buffett steps down as Berkshire chairman at 96; son Howard Buffett takes the seat

Warren Buffett has stepped down as chairman of Berkshire Hathaway. The board named him chairman emeritus, effective immediately, and elected his son, Howard G. Buffett, as chairman, the company said in a news release on September 18. Warren Buffett, who recently turned 96, stays on the board as a director.

The move completes the last major step of a succession plan that played out over several years. Greg Abel already runs the company as chief executive, and Susan L. Decker stays on as lead independent director.

What Berkshire said

In a letter to shareholders attached to the release, Buffett wrote that Abel "has taken hold of the Chief Executive Officer job in every respect" and that "the timing is right to complete the transition." He laid out a split of roles: "Greg runs the company; Howard will guard its culture and values."

Abel, speaking for the board, said Howard Buffett would be the "guardian" of the culture and values his father built.

Howard Buffett has been a Berkshire director since 1993. Since 1999 he has been chairman and CEO of the Howard G. Buffett Foundation, which focuses on food security and conflict mitigation. The release lists past board seats at companies including Archer Daniels Midland, ConAgra Foods, The Coca-Cola Company and Lindsay Corporation.

How the stock reacted

Investors took the news calmly. Berkshire's Class B shares closed Friday at $509.77, versus $509.20 on Thursday, according to Yahoo Finance price data. CNBC reported that both share classes dipped early in the session before recovering to finish nearly flat.

CNBC also noted that Berkshire shares have lagged the broader market since Buffett said in May 2025 that he would give up the CEO job at the end of that year. By CNBC's count, the stock is down more than 5% since that announcement, while the S&P 500 has gained more than 34% over the same stretch.

Why it matters for investors

The change is more about governance than day-to-day operations. Abel has been the one making the big decisions for some time, according to Buffett's own letter, so the handoff doesn't change who runs Berkshire's insurance, rail, energy and retail businesses or its investment portfolio.

What traders will watch is whether Berkshire's approach to capital shifts without Buffett in the chair. That covers buybacks, big acquisitions and the company's large cash pile. CNBC, citing Berkshire's latest figures, put cash at $365.5 billion as of June 30, and reported $4.5 billion of share repurchases in the second quarter. Berkshire's next quarterly report will be the first under the new board leadership.

Sources: Berkshire Hathaway news release and shareholder letter; CNBC; Yahoo Finance price history for BRK-B. This is market information, not investment advice.