Warren Buffett stepping aside as Berkshire Hathaway chairman

Warren Buffett is stepping aside as Berkshire Hathaway chairman, he announced in a letter to shareholders Friday.

The 96-year-old will become chairman emeritus and stay on the company's board of directors, Berkshire said.

Buffett's son, Howard Buffett, will become Berkshire's new chairman under terms of a longstanding successor plan, the company said.

"Father Time always wins," Buffett wrote in the letter. "He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands, and I look forward to remaining a shareholder alongside you."

Buffett's move came several months after he stepped down as Berkshire CEO and handed the reins of the multinational conglomerate to his hand-picked successor, Greg Abel, who is now 64.

Buffett spent six decades transforming a struggling textile manufacturer into one of the world's most successful companies.

As Berkshire's CEO, Abel has been tasked with upholding its decentralized model — one of the company's hallmarks — while guiding it into a new era of growth.

In recent years, that growth has slowed as the company has ballooned in size, making it harder to find large, meaningful acquisition targets.

Buffett tapped Abel as his successor as CEO in May 2025, saying at the time that he planned to step down as CEO.

The move surprised many investors, as it was widely assumed Abel would not take over until after Buffett's death.