Warren Buffett steps down as chair of Berkshire Hathaway after over 50 years
News Source
β’Fri, 18 Sep 2026 14:48:56 GMT
π° What Happened
Warren Buffett is stepping down as chair of Berkshire Hathaway after more than 50 years. His son Howard, 71, will take over. Buffett, 96, said age was the main reason. He will stay on as chair emeritus and a board director.
In a letter to shareholders, Buffett said serving as chair was the privilege of a lifetime. He said he never took their trust for granted. He added that 'Father Time always wins' but has been generous with him.
Buffett left his role as CEO in May 2025, surprising thousands of people at the company's annual meeting in Omaha, Nebraska. Greg Abel, the company's vice-chair, replaced him as CEO.
π The Backstory
Buffett is known as the 'Oracle of Omaha'. He turned a struggling textile maker into a company worth about one trillion dollars. He is famous for patient, long-term investing and simple advice.
Berkshire owns many businesses, including insurance, railway and energy companies. It also holds large stakes in major public companies. His son Howard has long been expected to take a senior role.
π― Why It Matters
Millions of people own Berkshire shares through pensions and savings. A change at the top can affect how the company is run and how its stock performs.
Warren Buffett is stepping down as chair of Berkshire Hathaway after more than 50 years. His son Howard, 71, will take over. Buffett, 96, said age was the main reason. He will stay on as chair emeritus and a board director.
In a letter to shareholders, Buffett said serving as chair was the privilege of a lifetime. He said he never took their trust for granted. He added that 'Father Time always wins' but has been generous with him.
Buffett left his role as CEO in May 2025, surprising thousands of people at the company's annual meeting in Omaha, Nebraska. Greg Abel, the company's vice-chair, replaced him as CEO.
Buffett is known as the 'Oracle of Omaha'. He turned a struggling textile maker into a company worth about one trillion dollars. He is famous for patient, long-term investing and simple advice.
Berkshire owns many businesses, including insurance, railway and energy companies. It also holds large stakes in major public companies. His son Howard has long been expected to take a senior role.
Millions of people own Berkshire shares through pensions and savings. A change at the top can affect how the company is run and how its stock performs.