Warren Buffett has handed over the chairmanship of Berkshire Hathaway to his son, Howard Buffett, after six decades leading the US conglomerate.
Berkshire Hathaway announced the leadership change on Friday, naming Howard as chairman while Buffett becomes chairman emeritus with immediate effect.
The 96-year-old investor will remain a member of the company’s board. Susan Decker will continue as Berkshire Hathaway’s lead independent director.
“Father Time always wins,” Buffett said in a letter to shareholders announcing the change.
The move completes another stage of Berkshire Hathaway’s leadership succession following Buffett’s departure as chief executive officer at the beginning of 2026.
Greg Abel succeeded Buffett as CEO and will continue to oversee the company’s operations.
Abel said Howard would be responsible for protecting the culture and values established by his father.
“The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Abel said.
Buffett took control of Berkshire Hathaway in 1965 and transformed the company from a struggling textile manufacturer into a diversified conglomerate with businesses across insurance, energy, railroads, manufacturing and retail.
The company recorded $44.5 billion in operating earnings last year and has nearly 400,000 employees.
Berkshire Hathaway delivered a 19.7 per cent compounded annual return to shareholders during Buffett’s tenure, compared with the performance of the S&P 500 over the same period.
Buffett had announced in May 2025 that he would step down as CEO, with Abel named as his successor. He retained the chairmanship after the transition.
He continued to remain involved with Berkshire after leaving the CEO role, regularly visiting its Omaha office and attending the company’s annual shareholder meeting in May 2026.
His latest move marks the end of his formal leadership of Berkshire Hathaway, although he will continue to serve on the board as chairman emeritus.
