Warren Buffet Steps Down As Berkshire Hathaway Chairman
Warren Buffett has taken his final formal step away from Berkshire Hathaway. The company announced Friday that the 96-year-old Oracle of Omaha is stepping down as chairman of the board, effective immediately, becoming chairman emeritus while remaining a director. His son Howard Buffett, a Berkshire board member since 1993, is now chairman.
Buffett stepped down as CEO on January 1, 2026 after 60 years in the role, handing the reins to Greg Abel. He had promised at that time to stay on as chairman as long as he lived. Today's announcement, coming eight and a half months later, completes the handover.
The timing reflects his age and a leg fracture he disclosed in July. "Father Time always wins," Buffett has said. He broke his leg weeks before that interview and was still recovering.
He attended Berkshire's celebrated annual meeting in May from his seat rather than presiding over it, his only public appearance since January.
Abel called Buffett's impact "without parallel in the history of American business." Berkshire stock is up just 1 percent in 2026 as markets await evidence that Abel can deploy the company's $365.5 billion cash pile as skillfully as his predecessor. The Oracle is stepping back. The question now belongs to someone else.
