Warren Buffett steps down as chairman of Berkshire Hathaway: 'Father Time always wins'
Buffett's son Howard will replace him as chairman, as dictated by a long-standing succession plan, Berkshire said.
TL;DR
- Warren Buffett is stepping down as chairman of Berkshire Hathaway at age 96.
- He will transition to chairman emeritus but remain a director.
- His son, Howard Buffett, will replace him as chairman.
- Greg Abel continues as CEO, with Howard Buffett guarding the company's culture and values.
- Buffett transformed a failing textile mill into a $1 trillion conglomerate with a 19.7% compounded annual return to shareholders during his tenure.
- Berkshire shares have underperformed the S&P 500 in 2026, raising expectations for Abel's performance.
- Buffett praised Abel's performance so far, stating he has exceeded expectations.