Warren Buffett steps down as Berkshire Hathaway chairman

Warren Buffett is stepping down as chairman of Berkshire Hathaway, effective immediately, the company said Friday. He will become chairman emeritus and remain on the board, while his son Howard Buffett will take over as chairman under Berkshire's succession plan. Buffett, 96, said in a letter to shareholders that age is the reason for the change, adding that he remains confident about Berkshire's future. Berkshire said Greg Abel is already serving as CEO, while Susan Decker will continue as lead independent director. Buffett has led the Omahabased conglomerate since 1965, turning a struggling textile mill into a major holding company with roughly $1 trillion in value. During his tenure, Berkshire delivered a longterm annualized return that nearly doubled the S&P 500. The leadership change comes as Berkshire has lagged the broader market in 2026, with shares up about 1% this year versus a gain of more than 11% for the S&P 500. Abel said he will continue to lead the company while Howard Buffett helps oversee Berkshire's culture and values.