Howard Buffett becomes nonexecutive chairman while Greg Abel continues leading the $1.1 trillion company as chief executive.
Warren Buffett has stepped down as chairman of Berkshire Hathaway, completing another stage of the company’s long-planned leadership transition after more than six decades at the center of one of America’s most closely watched companies.
Buffett becomes chairman emeritus
Berkshire announced Friday that Buffett, 96, has received the honorary title of chairman emeritus and will remain on the company’s board of directors. His eldest son, Howard Buffett, 71, succeeds him as chairman after serving as a Berkshire director since 1993.
Greg Abel remains chief executive and continues to run Berkshire’s day-to-day operations. Abel took over as CEO on Jan. 1, 2026, after Buffett relinquished the role.
In a letter to shareholders released with the announcement, Buffett said the time was right to complete the transition. “Father Time always wins,” he wrote, while expressing confidence in Berkshire’s future under its new leadership structure.
A six-decade transformation
Buffett took control of the struggling Berkshire textile company in 1965 and transformed it into a conglomerate valued at roughly $1.1 trillion. Its businesses now span insurance, railroads, energy, manufacturing, services and retail, including GEICO, BNSF Railway and Dairy Queen.
Berkshire also holds large stock investments in companies including Apple, Coca-Cola and American Express.
Abel said Howard Buffett would act as a guardian of Berkshire’s culture and values rather than manage daily operations. In Berkshire’s announcement, Abel said the culture Warren Buffett built would remain central to the company and that Howard would help protect it.
Investors watch Berkshire’s cash pile
The leadership transition has been anticipated for years, but investors are now focused on how Berkshire will deploy its enormous cash reserves. Reuters reported that the company held approximately $364.7 billion in cash and equivalents.
Analyst Cathy Seifert told Reuters that Abel will need to continue reassuring shareholders about Berkshire’s capital-allocation strategy as Buffett moves into a reduced role.
