For more than half a century, Warren Buffett was the steady hand behind Berkshire Hathaway. Now, at 96, the investor known worldwide as the “Oracle of Omaha” is stepping away from the company’s top boardroom role, marking the end of one of the longest and most influential leadership eras in American business.
Buffett’s son, Howard Buffett, 71, will become Berkshire Hathaway’s chair. Warren Buffett will remain involved as chair emeritus and as a member of the board, ensuring that his connection with the company he transformed will continue even after the formal handover.
The decision, Buffett said, is ultimately about time. In a letter to shareholders, he pointed to his age and joked that his one-year-old great-grandchild is now “moving a bit faster than I am these days”.
“Father Time always wins,” Buffett wrote, while reflecting on a journey that turned a struggling textile manufacturer into a business empire valued at roughly $1tn.
The transition completes another major chapter in Buffett’s gradual withdrawal from Berkshire’s leadership. He stepped down as chief executive in May 2025, handing the CEO position to Greg Abel, Berkshire’s vice-chair.
Buffett’s legacy extends far beyond the company’s share price. Under his leadership, Berkshire evolved into a vast collection of businesses spanning insurance, manufacturing, construction and consumer products, while also building major investments in some of the world’s largest publicly traded companies.
Greg Abel described Buffett’s influence as “without parallel in the history of American business”, saying the culture and values established by Buffett would remain central to Berkshire.
Howard Buffett’s appointment is hardly unexpected. Known as “Howie”, he has served on Berkshire’s board since 1993 and had long been identified as his father’s intended successor as chair.
Warren Buffett has previously made clear that family trust played a role in that decision. He has three children and has spoken publicly about his confidence in all of them, while acknowledging that Howard’s succession reflects his position within the family.
The leadership change therefore represents more than a title passing from father to son. It is a carefully prepared transfer of stewardship at a company whose identity has been inseparable from Warren Buffett for generations.
Buffett leaves the chairmanship with a fortune estimated by Bloomberg at $145bn, but his more enduring mark may be the institution he built—and the challenge now facing Berkshire is to preserve its distinctive culture after the man who defined it steps further into the background.
