TLDR
- Warren Buffett has stepped down as Berkshire Hathaway chairman, effective immediately
- His son Howard Buffett, a board member since 1993, takes over as chairman
- Warren Buffett will serve as chairman emeritus and remain on the board
- The change comes nine months after Buffett handed the CEO role to Greg Abel
- Berkshire holds around $365 billion in cash and recently built a $37 billion stake in Alphabet
Warren Buffett has stepped down as chairman of Berkshire Hathaway, effective immediately. His son Howard Buffett will take over the role, the company announced Friday.
Berkshire’s post-Buffett leadership structure is now essentially in place.
Warren Buffett is stepping down as chairman and becoming chairman emeritus, with his son Howard Buffett taking over as chairman.
Greg Abel remains CEO, while Susan Decker continues as lead independent… pic.twitter.com/x1U4pUcagW
— Wall St Engine (@wallstengine) September 18, 2026
Warren Buffett, now 96, will serve as chairman emeritus and remain on the board of directors.
The Transition of Power
Howard Buffett has been a Berkshire director since 1993. He is Warren Buffett’s middle child and second son, born in 1954.
This move comes about nine months after Warren Buffett stepped down as CEO on January 1 of this year. Greg Abel took over as chief executive at that point and has been running day-to-day operations since then.
In a letter to shareholders, Buffett said the timing felt right. He wrote that Abel had been “making the decisions that matter for some time” and had exceeded his expectations.
“Greg runs the company; Howard will guard its culture and values,” Buffett wrote. He described Howard’s role as being like an insurance policy for shareholders, one they hope never to need.
Buffett also reflected on his time leading the company. “Serving as your chairman has been the privilege of a lifetime, and I have never taken your trust for granted. Father Time always wins,” he wrote.
Susan Decker, a board member since 2007, will continue as lead independent director.
What Berkshire Looks Like Now
Abel has made some moves since taking the helm. Berkshire built a $37 billion stake in Alphabet, the parent company of Google, making it one of the top five positions in the portfolio.
Abel has said he speaks with Buffett every day and continues to discuss key ideas with him.
Under Abel, Berkshire has increased stock repurchases. However, the company has not made many large new acquisitions.
Berkshire’s cash pile stood at around $365 billion as of June 30, down slightly from $380 billion at the end of March.
Berkshire Class A shares ended Thursday at $763,936. The stock is up 1.2% this year but has underperformed the S&P 500.
At the time of his CEO resignation, Buffett held a 30% voting interest as the controlling shareholder. He has said he plans to give away his entire Berkshire stake, currently about 13% and worth more than $140 billion, by 2034.
Abel praised Buffett in a statement Friday. “Warren’s impact on Berkshire and its owners is without parallel in the history of American business,” Abel wrote. “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”
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