By The Epoch Times | Created at 2026-09-18 12:20:13 | Updated at 2026-09-18 13:05:24
49 minutes ago
Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview in Omaha, Neb., on May 7, 2018. Nati Harnik/AP Photo
Warren Buffett said Friday he is stepping down as chairman of Berkshire Hathaway, handing the role to his son Howard while remaining on the board of the company that he has led for more than six decades.
“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” Buffett wrote in a Sept. 18 letter to shareholders, saying the “timing is right” for the leadership transition.
“Father Time always wins,” the 96-year-old iconic investor said, expressing confidence that the company remains in excellent hands as he hands the reins to a new generation of leaders and assumes the role of chairman emeritus.
The move leaves CEO Greg Abel in charge of running Berkshire’s businesses and Howard Buffett responsible for safeguarding the company’s culture and values.
Howard Buffett has served on Berkshire’s board since 1993, giving him what his father described as a 33-year apprenticeship—longer than his own before taking the reins at age 34.
“Greg runs the company; Howard will guard its culture and values–both worth more than anything on our balance sheet,” Warren Buffett wrote. “Think of Howard as a policy the shareholders own and hope never to claim against.”
Abel, speaking on behalf of the board, said the values Buffett established would remain central to Berkshire under its new leadership.
“Warren’s impact on Berkshire and its owners is without parallel in the history of American business,” Abel said. “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”
Howard Buffett has been chairman and chief executive of the Howard G. Buffett Foundation since 1999. The charitable organization focuses on global food security and conflict mitigation.
Warren Buffett has served Berkshire since 1965. Its businesses span insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services, and retailing.
In his letter, Buffett reflected on Berkshire shareholders, noting that he and other executives were fortunate that many of the company’s investors were strategic thinkers in it for the long haul.
“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” he wrote.
Buffett said he would continue as a shareholder alongside other Berkshire investors, adding that he is pleased for the opportunity to “see Berkshire reach a point where I am more confident than ever about what lies ahead.”
Berkshire said in a statement that, in addition to serving as chairman emeritus, Buffett would remain on the board of directors, allowing the company to benefit from his judgment and perspective.
Despite his advanced age, Buffett surprised shareholders and analysts in May 2025 when he announced plans to step down as chief executive.
His departure marked a major shift for a company he had led for decades, making the succession one of corporate America’s most closely watched.
