Warren Buffett is stepping down as chairman of Berkshire Hathaway at the age of 96, marking another major step in the leadership transition at the $1 trillion conglomerate he led for more than six decades.
Berkshire Hathaway announced Friday that Buffett will become chairman emeritus and remain a director. His son, Howard Buffett, will become the company’s new chairman, while Greg Abel will continue as CEO. Howard has served on Berkshire Hathaway’s board since 1993 as part of a long-planned succession process.
The leadership change also drew a tribute from Apple CEO Tim Cook, who reflected on Buffett’s lasting impact and his longstanding support for Apple.
‘Today, as Warren steps down as chairman of Berkshire Hathaway, I am thinking about his lasting impact,’ Cook said. ‘Warren believed in Apple before anyone else, and we will never forget it.’
Cook also congratulated Howard Buffett, saying he will be ‘a wonderful chairman.’
Buffett’s Six-Decade Berkshire Legacy
Buffett first took control of Berkshire Hathaway in 1965 and became chairman in 1970. He transformed the struggling New England textile company into a global investment conglomerate with major interests in insurance, railroads, utilities, manufacturing and consumer brands.
Greg Abel succeeded Buffett as Berkshire Hathaway’s CEO at the beginning of 2026. Abel will continue leading the company as Howard Buffett takes over the chairmanship.
Buffett continued to visit Berkshire’s office regularly after stepping down as CEO, looking for investments and deals and offering Abel advice. He said he remains confident in the company’s new leadership.
‘Greg runs the company; Howard will guard its culture and values,’ Buffett said, describing those values as being worth more than anything on Berkshire Hathaway’s balance sheet.
Abel has extensive experience inside Berkshire. He began overseeing the company’s non-insurance businesses in 2018 after becoming vice chairman, giving him direct experience with businesses including BNSF railroad, utilities, manufacturing operations, Dairy Queen and See’s Candy.
Investors Watch Berkshire’s Next Chapter
Buffett’s departure as chairman comes with Berkshire holding roughly $365 billion in cash, making the company’s future capital allocation a major focus for investors.
CFRA Research analyst Cathy Seifert said Buffett’s role in allocating capital had been an important factor behind Berkshire’s reputation among investors and noted that the transition raises questions about how the company will deploy its enormous cash reserves.
Michael Withers, a professor at the University of Notre Dame’s Mendoza College of Business, said Buffett had approached succession deliberately, building a structure intended to preserve Berkshire’s culture while allowing the company to adapt after his departure.
Buffett’s Influence on Apple and Wall Street
Buffett’s investment decisions have had an influence far beyond Berkshire Hathaway. When the company discloses purchases or sales of major stock holdings, financial markets often pay close attention.
Apple became one of Berkshire Hathaway’s most prominent investments, making Buffett an important long-term shareholder of the technology giant. Tim Cook’s tribute highlighted the relationship and Buffett’s confidence in Apple.
Buffett’s fortune was largely built through his Berkshire Hathaway holdings. He has also been a major philanthropist, giving away roughly $66 billion worth of stock since 2006, with much of it going to the Bill & Melinda Gates Foundation.
Earlier this year, Buffett announced that his three children would take responsibility for his charitable decisions and distribute the remainder of his fortune by the end of 2035.
A Remarkable Investment Record
Under Buffett’s leadership as CEO, Berkshire Hathaway produced a 19.9% compounded annual growth rate, compared with 10.4% for the S&P 500.
In 2024, Berkshire Hathaway became the first U.S. company outside the technology sector to surpass a $1 trillion market valuation.
As Buffett steps away from the chairmanship, Berkshire Hathaway enters a new era with Greg Abel continuing as CEO and Howard Buffett becoming chairman, while Warren Buffett remains on the board as chairman emeritus.
