Warren Buffett, 96, Steps Down as Berkshire Chairman as Howard Buffett Takes Over
Updated
Updated · CNBC · Sep 18
Warren Buffett, 96, Steps Down as Berkshire Chairman as Howard Buffett Takes Over
3 articles · Updated · CNBC · Sep 18
Summary
Berkshire Hathaway said Warren Buffett has stepped down as chairman effective immediately, with the 96-year-old becoming chairman emeritus and remaining a board director.
Howard Buffett, his son, was elevated under Berkshire’s long-standing succession plan, while CEO Greg Abel said Howard will safeguard the culture and values Buffett built.
The move comes just over nine months after Abel, 64, became CEO, completing a leadership transition Buffett began when he announced his CEO exit in May 2025.
Buffett cited age in a shareholder letter — “Father Time always wins” — after leading Berkshire since 1965 and turning a failed textile mill into a $1 trillion conglomerate.
The handoff raises pressure on Abel as Berkshire shares are up 1% in 2026 versus the S&P 500’s 11%-plus gain, even with $365.5 billion in cash and $4.5 billion of second-quarter buybacks.
Buffett plans to offload his remaining shares by 2034; how will this unprecedented wealth transfer impact Berkshire's future stability?
As the Oracle of Omaha hands over his $1 trillion empire, will the legendary Berkshire premium vanish forever?
With Buffett stepping down, can Greg Abel's aggressive $24 billion spending spree save Berkshire from its recent market slump?
The $397 Billion Question: How Berkshire Hathaway’s Leadership Transition Is Shaping Its Future
Overview
On September 18, 2026, Berkshire Hathaway announced Warren Buffett’s transition to chairman emeritus, ending his active leadership and marking the final step in a long-planned succession. The market reacted calmly, with only a slight dip in Berkshire’s shares, reflecting investor confidence in the new leadership. This change came after years of underperformance versus the S&P 500, as Buffett and Greg Abel chose to hold record cash reserves instead of chasing expensive markets. In 2026, Abel began deploying this cash more aggressively, including a major investment in Alphabet, which reassured investors and led to a positive market response.