Warren Buffett, 96, Steps Down as Berkshire Chairman but Remains on Board

Stepping Down as CEO Early This Year, Buffett Retires After 56 Years

Howard Buffett, Son and Board Member Since 1993, Succeeds as Chairman

Warren Buffett, 96, has stepped down as chairman of the investment firm he founded, Berkshire Hathaway. This comes 56 years after he assumed the role in 1970.

According to Reuters and AP News on the 17th (local time), Berkshire issued a statement announcing that Buffett has resigned as chairman and has been named honorary chairman. He will remain on the board in his honorary role, advising the management team.

Warren Buffett, Honorary Chairman of Berkshire Hathaway. Reuters.

Berkshire said, "Buffett will remain a member of the board, continuing to provide valuable judgment and perspective." Howard Buffett, Warren's eldest son, has been appointed as the new chairman. Howard has served as a director of Berkshire since 1993.

Earlier, on January 1 of this year, Buffett handed over the chief executive officer (CEO) position to Greg Abel. With Buffett now stepping down as chairman, Berkshire's management succession plan is complete. Abel will oversee the company's operations, while Howard will act as chairman of the board, tasked with preserving Berkshire's corporate culture and values. In a statement at the time, Greg Abel, who assumed the CEO position, said, "Warren's impact on Berkshire and its shareholders is unparalleled in the history of American business," adding, "The culture Warren built and the values he championed will remain central to Berkshire, and Howard will serve as their guardian."

Born in 1930 and now 96 years old, Buffett wrote in a separate letter to shareholders, "I have served Berkshire since 1965," and added, "Even after 60 years, I still have the world's best job."

He stated, "No one escapes the passage of time, but Father Time has been kind to me." He added, "That's not something many of my peers can say, and I have never felt more optimistic about what's next."

Buffett expressed confidence in Abel and his son Howard, who will now lead Berkshire Hathaway, saying, "Greg will run the company, and Howard will protect the company's culture and values. Both of these are the most important assets on our balance sheet."

He continued, "I hope the decision to appoint Howard as successor chairman will be seen as a policy chosen by shareholders, and I sincerely hope that no one will oppose it."

Buffett, a legendary investor, acquired the failing textile company Berkshire and grew it into an investment firm with a market capitalization exceeding $1 trillion, earning the nickname "the Oracle of Omaha" (Berkshire's headquarters). His fortune has been accumulated through Berkshire Hathaway shares, and as of July 2026, his net worth was estimated to exceed $140 billion (194.11 trillion won). Since 2006, Buffett has donated approximately $66 billion (91.5354 trillion won) worth of shares.

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