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Berkshire Hathaway founder Warren Buffett is stepping down as the company\u2019s chairman to be replaced by his son Howard, effectively ending roughly six decades at the helm of the conglomerate.<\/p>\n
The billionaire, 96, will become chairman emeritus of the company with immediate effect, according to a statement on Friday. The elder Buffett will remain a member of the board while his son, a director of the company since 1993, steps into the top role.<\/p>\n
![\"Warren](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/09\/b69c6ae3af6023c70ae9a75c0e141e139e7f47e6.jpeg\")
Warren Buffett has been chairman of the company for more than five decades.Bloomberg<\/p>\n
The elevation is the latest step in the succession process at one of the world\u2019s most storied investment titans. Greg Abel replaced Buffett earlier this year as the company\u2019s chief executive officer.<\/p>\n
\u201cWarren\u2019s impact on Berkshire and its owners is without parallel in the history of American business,\u201d Abel said in the statement. \u201cThe culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.\u201d<\/p>\n
Buffett transformed the Omaha, Nebraska-based company, once an ageing textile mill, into a more than $US1 trillion conglomerate.<\/p>\n
Buffett has taken steps to pare back his role at the company, ceding the writing of his annual letter to Abel and not appearing onstage at its annual meeting in May. In July, Buffett pledged to completely dispose of his roughly $US140 billion stake in Berkshire Hathaway by 2034. He told CNBC earlier this year that he had recently broken his leg.<\/p>\n
![\"Howard](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/09\/f7949e9dccddcd9b41e4d467925c80cfcf540432.jpeg\")
Howard G. Buffett, son of Warren Buffett, pictured in 2023.Bloomberg<\/p>\n
In a letter to shareholders, Buffett said he made the decision to step down after Abel exceeded his \u201csky-high\u201d expectations as CEO.<\/p>\n
\u201cHe has been making the decisions that matter for some time now, and I have not had to think twice about any of them,\u201d Buffett wrote. \u201cSo the timing is right to complete the transition.\u201d<\/p>\n
Abel has already begun deploying the company\u2019s vast cash pile, including in share buybacks, since the company announced Buffett would step down as CEO at its annual meeting in 2025. Berkshire\u2019s cash hoard dropped to $US365.5 billion in the second quarter from its record of nearly $US397 billion the prior period.<\/p>\n
The company\u2019s stock price has largely stayed flat this year, gaining 1.3 per cent, compared with the S&P 500 stock index\u2019s 11.6 per cent return. Buffett has often used this index to tout Berkshire\u2019s performance.<\/p>\n
While Abel will run the business, Howard Buffett, who has spent 33 years on Berkshire\u2019s board, will be responsible for the company\u2019s culture and values, \u201cboth worth more than anything on our balance sheet,\u201d Buffett said in a letter announcing his move.<\/p>\n
\u201cHoward cares deeply about Berkshire, as do all of our directors,\u201d he said. \u201cNo company has been or will be more shareholder-minded than Berkshire.\u201d<\/p>\n
Bloomberg<\/p>\n
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