Warren Buffett Steps Down as Berkshire Hathaway Chairman -- 2nd Update

By Gareth Vipers

Warren Buffett is stepping down as chairman of Berkshire Hathaway, the $1 trillion conglomerate that he led for more than six decades.

Buffett announced the news Friday in a letter to investors. He will remain on the board and will continue to offer guidance and advice, he said.

His son Howard, a Berkshire director since 1993, will assume the role of chairman, effective immediately.

"Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted," Buffett wrote. "Father Time always wins. He has, however, been generous with me," he said. "The company is in excellent hands, and I look forward to remaining a shareholder alongside you."

Buffett, 96, transformed Berkshire from a struggling textile maker into a corporate behemoth and one of the most closely followed companies in the world. Each year, thousands of shareholders and admirers descended on Omaha, Neb., for the annual meeting Buffett dubbed the "Woodstock of Capitalists," while millions more followed his shareholder letters and absorbed his observations on investing, business and life.

"Warren's impact on Berkshire and its owners is without parallel in the history of American business," Berkshire Chief Executive Officer Greg Abel said. "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian."

Abel took over from Buffett as CEO at the start of the year.

-Updates to follow as news develops.

(END) Dow Jones Newswires

September 18, 2026 06:30 ET (10:30 GMT)