Warren Buffett ends 56-year Berkshire chairmanship, Howard takes over
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✧ GENERATE BRIEFING
Warren Buffett has stepped down as chairman of Berkshire Hathaway after 56 years, transitioning to chairman emeritus while remaining on the board of directors. His son, Howard Buffett, a board member since 1993, has been appointed chairman with immediate effect to preserve the company's culture. The succession completes a leadership phase following Greg Abel's appointment as chief executive officer in early 2026. Buffett transformed Berkshire from a struggling textile firm into a roughly $1.1 trillion conglomerate operating across insurance, rail, energy, and retail. The transition coincides with strong financial performance, as Berkshire reported $12.98 billion in operating profit for the second quarter of 2026—a 16% year-on-year increase—alongside net income of $25.67 billion driven by portfolio gains.
Warren Buffett has stepped down as chairman of Berkshire Hathaway, ending more than five decades in the role and moving to the position of chairman emeritus, the company announced on Friday.
Buffett, 96, will remain a member of Berkshire Hathaway’s board of directors. His son, Howard Buffett, has been appointed chairman with immediate effect. Howard has served on Berkshire’s board since 1993 and will focus primarily on preserving the company’s culture and values.
The move completes another stage of Berkshire’s leadership transition. Greg Abel took over as chief executive officer at the beginning of 2026 after Buffett had led the company as CEO for decades. Abel will continue running Berkshire’s operations, while Howard assumes the chairman role.
In a letter to shareholders, Buffett said he had served Berkshire since 1965 and described the timing as appropriate for completing the transition. He said Abel had taken control of the CEO role and was making the company’s key decisions without requiring Buffett’s intervention.
Buffett transformed Berkshire from a struggling textile business into a conglomerate valued at around $1.1 trillion, with major businesses including Geico, BNSF Railway, energy and industrial companies, and Dairy Queen. The company also holds a large portfolio of equities and US Treasury securities.
The leadership change is being closely watched because Buffett has played a central role in Berkshire’s investment strategy, capital allocation and corporate culture. His influence has also extended to financial markets, where Berkshire’s investment disclosures can move the shares of companies it buys or sells.
Berkshire reported $12.98 billion in operating profit for the second quarter of 2026, up 16% from a year earlier. Net income more than doubled to $25.67 billion, although the figure included unrealised gains and losses on its investment portfolio.
Buffett will continue as a Berkshire director and shareholder after leaving the chairmanship. The company said he would continue to provide his judgment and perspective, while Howard Buffett takes responsibility for safeguarding the culture established during his father’s tenure
