Warren Buffett has officially stepped down as Chairman of Berkshire Hathaway, completing a significant phase of his succession plan. His son, Howard Buffett, will take over as Chairman, tasked with preserving the company’s core culture and values. Greg Abel remains as CEO, leading the operational aspects of the conglomerate. This transition marks a new chapter for Berkshire Hathaway, ensuring continuity while embracing a future guided by established principles.
In a significant move cementing his long-term succession strategy, Warren Buffett is stepping down as Chairman of Berkshire Hathaway, the conglomerate he has steered for over six decades. This marks the third major step in his plan to gradually transition leadership while ensuring the company's enduring values remain intact. His son, Howard Buffett, will assume the role of Chairman, tasked with safeguarding the company's distinctive culture.
Buffett, 96, has been meticulously preparing Berkshire Hathaway for a future without his direct leadership. The initial phase involved empowering long-time Berkshire executive Greg Abel, the designated CEO, to manage the company's diverse operating businesses. In May 2025, Buffett announced his intention to step down as CEO at the end of 2025, retaining the position of Chairman. Now, he relinquishes the Chairman title entirely, remaining as "chairman emeritus" to "continue to offer his valued judgment and perspective."
Howard Buffett's appointment as chairman is described as a crucial element of the company's succession plan. Warren Buffett emphasized in a letter to shareholders that Howard's primary responsibility will be to "guard [Berkshire's] culture and values – both worth more than anything on our balance sheet." Greg Abel, the incoming CEO, echoed this sentiment, stating, "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian." Howard Buffett has been a director for 33 years, a tenure highlighted by his father as a testament to his understanding and embodiment of Berkshire's ethos.
While Abel will lead the operational side of Berkshire, Howard Buffett's role as chairman is framed as a guardian of the company's foundational principles. This succession plan has been in motion for years, with Buffett himself stating in 2025 that his son was "getting it because he is my son." Howard Buffett expressed his preparedness, noting the extensive preparation and teaching he received from his father.
The transition has been largely anticipated, with market analysts viewing it as a carefully orchestrated succession rather than a sudden change. Berkshire's Class A and Class B shares showed minimal movement following the announcement, suggesting that the market had already priced in this transition. The stock has underperformed the S&P 500 in recent months, a trend that predates this latest leadership change.
Who is Howard Buffett?
Howard Buffett, often known as "Howie," brings a diverse background to the chairman role. While not a traditional business executive, he has extensive experience as a director on several corporate boards, including Coca-Cola and ConAgra Foods. He is also a prominent philanthropist, leading The Howard G. Buffett Foundation, which focuses on food security and conflict mitigation, with significant contributions to Ukraine. His background includes operating farms and even serving as a county sheriff for over a year, demonstrating a unique blend of practical experience and dedication to public service.
Warren Buffett has consistently expressed confidence in his son's ability to uphold Berkshire's culture. In a 2015 interview, he stated his belief that the company's culture is "self-reinforcing" and deeply embedded, ensuring its continuity long after his and Charlie Munger's departure. Howard Buffett himself has acknowledged his preparedness, stating, "I feel I'm prepared for it because [Warren] prepared me. That's a lot of years of influence and a lot of years of teaching."
Berkshire Stock Watch
Berkshire Hathaway's Class B shares are currently trading around $509.77, with a Price-to-Earnings (TTM) ratio of 12.82. The company's market capitalization stands at over $1 trillion. As of June 30, 2026, Berkshire held approximately $365.5 billion in cash, though this figure decreased from the previous quarter. The company continued its share repurchase program, buying back $4.5 billion in stock during the second quarter of 2026.
Berkshire's top equity holdings, as of June 30, 2026, include significant stakes in companies like Apple, Bank of America, American Express, Coca-Cola, and Chevron. The company's investment portfolio reflects its long-standing strategy of investing in fundamentally strong businesses with durable competitive advantages.
Buffett & Berkshire Around the Internet
Numerous outlets covered Buffett's transition:
- CNBC.com: Warren Buffett steps down as chairman of Berkshire Hathaway: 'Father Time always wins'
- Associated Press: Warren Buffett gives up chairman title at Berkshire Hathaway in the next step of his succession plan
- Bloomberg (subscription): Buffett Steps Down as Berkshire Chair, Ending Six-Decade Run
- The Wall Street Journal (subscription): Warren Buffett Steps Down as Berkshire Hathaway Chairman
- Barron's on MSN: Warren Buffett steps down as Berkshire Hathaway chairman. Here's his final message.
HIGHLIGHTS FROM CNBC'S BUFFETT ARCHIVE
Berkshire's culture is 'self-reinforcing' (2015)
Warren Buffett explains why he's confident that Berkshire's culture is so "deeply embedded" that it will continue long after he and Charlie Munger are gone.
AUDIENCE MEMBER: How can we, as outside investors, judge the state of Berkshire's culture long after you depart from the company?
WARREN BUFFETT: Well, I think it's fair that you do, you know, come with a questioning mind to the culture, post-me and Charlie, but I think you're going to be very — I don't think you should be surprised, but I think you will be very pleased with the outcome...
It's a vital part of Berkshire to have a clearly defined, deeply embedded culture that pervades the parent company, the subsidiary companies. It's even reflected in our shareholders.
And, you know, when you have 97 percent of the shareholders vote and say we don't want a dividend, I don't think there's another company like that in the world.
So we have a — our directors sign on for it and, there again, we behave consistently. Instead of having a bunch of directors who are — love to be a director because they'd like to get $2- or $300,000 a year for showing up four times a year, we have directors who look at it as a great opportunity for stewardship, and who want their ownership, and have their ownership, represented by buying stock in the market, exactly like you do.
So we — it's — we try to make clear and define that culture in every way possible, and it's gotten reinforced over the years to an extreme degree.
People who join us believe in it; people who shun us don't believe in it, so we — it's self-reinforcing.
And I think it's a virtual certainty to continue and to become even stronger, because once Charlie and I aren't around, it will be so clear that it's not the force of personality, but it's the — it's institutionalized that, you know, nobody will doubt that it will really continue for decades and decades and decades to come.
