Warren Buffett Makes Shocking Announcement

Warren Buffett is stepping away from his role as chairman of Berkshire Hathaway, marking another major transition for the company he led for decades. Berkshire announced Friday that Buffett, 96, will become chairman emeritus effective immediately.

He will remain on Berkshire’s board of directors, allowing him to maintain an advisory role with the company.

Buffett’s son, Howard Buffett, has been elected chairman of the board.

Howard Buffett has served as a Berkshire director since 1993 and has also spent decades leading the Howard G. Buffett Foundation.

The move ends Warren Buffett’s extraordinary tenure as Berkshire chairman, a position he had held since 1970.

Warren Buffett has now fully retired at 96 after stepping down as Berkshire Chairman.

A key lesson from his career is the importance of a morning routine.

Everyday, he’d drive 5 minutes to work and pass by McDonald’s. Then, he’d eat a breakfast McMuffin based on if markets are… https://t.co/MuT0HeeHC0 pic.twitter.com/6L002vettO

— Trung Phan (@TrungTPhan) September 18, 2026

During that time, Buffett helped transform Berkshire from a struggling textile operation into a massive conglomerate with holdings across insurance, railroads, energy, manufacturing, retail and other industries.

The transition has been unfolding gradually. Buffett stepped down as chief executive last year, handing control of Berkshire’s day-to-day operations to longtime executive Greg Abel.

Abel will continue serving as Berkshire’s CEO while Howard Buffett oversees the company’s board.

Following Friday’s announcement, Abel praised Buffett’s influence on the company.

“Warren’s impact on Berkshire and its owners is without parallel in the history of American business,” Abel said. “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”

Buffett became famous for his long-term approach to investing, disciplined acquisitions and preference for businesses with durable advantages.

Under his leadership, Berkshire also accumulated major investments in some of the largest and best-known companies in the United States.

Buffett had already signaled that his public role would continue shrinking after Abel took over as CEO.

He previously indicated that he expected to make fewer appearances at Berkshire’s annual shareholder meeting and would stop writing the company’s annual shareholder letter.

Howard Buffett’s eventual elevation to chairman had also been discussed as part of Berkshire’s succession planning for years.

Warren Buffett previously said he viewed his son’s presence as a way to help protect Berkshire’s culture and values after he was no longer running the company.

Buffett will now remain involved as chairman emeritus and a director, while Howard Buffett leads the board and Abel continues overseeing Berkshire’s operations.

The announcement brings another major chapter of Buffett’s historic leadership at Berkshire Hathaway to a close.