Berkshire Hathaway's Warren Buffet Steps Down as Chairman

11:26 AM EDT, 09/18/2026 (MT Newswires) -- Berkshire Hathaway (BRK.A, BR.B) said Friday that Warren Buffett stepped down as chairman of the conglomerate, with his son Howard Buffett succeeding the 96-year old billionaire. Warren Buffett, who has been with Berkshire since 1965, will become chairman emeritus and remain a member of its board, according to the company. He has held the role of chairman since 1970, according to various media outlets. Berkshire's operations span across industries including insurance, energy, freight rail transportation and manufacturing. "Father Time always wins," Buffett said in a letter to shareholders. "He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands." Howard Buffett, who has been a director of the company for 33 years, became chairman. Howard Buffett has served as a director for several organizations, including Coca Cola (KO), Archer Daniels Midland (ADM) and Conagra Brands (CAG). The announcement is the latest senior management shuffle at the conglomerate. Greg Abel took over the chief executive role from Warren Buffet at the beginning of the year. In December 2025, Berkshire appointed Charles Chang as chief financial officer, effective June 1. Berkshire's class A shares edged down 0.5% in Friday trade, while the class B stock declined 0.3%. The company commands a market capitalization of just above $1 trillion. Last month, Berkshire reported annual gains in second-quarter earnings. D.A. Davidson said in August that Abel "notably stepped up the pace of capital deployment" in the second quarter, something that wasn't known of him previously. Berkshire had so far spent money on equity purchases, share buybacks and mergers and acquisitions, the brokerage said at the time. In July, the conglomerate completed the purchase of homebuilder Taylor Morrison Home in an all-cash deal with an equity value of about $6.8 billion. D.A. Davidson saw significant opportunity for Berkshire to improve operating earnings given Abel's experience as "more of a CEO-operator versus (Warren Buffet's) famously hands-off approach."