Warren Buffett has officially stepped down as Chairman of Berkshire Hathaway, appointing his son, Howard Buffett, to the role. This marks a significant step in Buffett’s long-term succession plan to ensure the company’s core values are preserved. Greg Abel continues as CEO, and Buffett will remain as Chairman Emeritus, offering his expertise.
Howard Buffett, known for his background in farming, law enforcement, and philanthropy, is tasked with guarding Berkshire’s unique culture. The market has reacted calmly to the news, suggesting the transition was well-anticipated.
Warren Buffett is taking another significant step in his long-term strategy to ensure Berkshire Hathaway's enduring values and culture remain intact long after his departure. The move marks the third major phase in his gradual transition from the conglomerate he has steered for over six decades.
Warren Buffett takes next step in long-term plan to ensure Berkshire doesn't stray after he's gone
Buffett, who took control of the struggling textile manufacturer in 1965 and transformed it into a global powerhouse, is not stepping away entirely but is strategically repositioning himself to safeguard the company's core principles.
The transition has unfolded in stages. First, Buffett delegated operational responsibilities for Berkshire's diverse companies to veteran leader Greg Abel, the designated CEO. In May 2025, Buffett announced his planned stepping down as CEO at the year's end, retaining the chairman role. Now, in a further evolution of this succession plan, Buffett is relinquishing the chairman title but will remain on the board as "chairman emeritus," continuing to provide his "valued judgment and perspective."
Crucially, his son, Howard Buffett, will assume the role of chairman, tasked with the vital mission of guarding Berkshire's culture and values – "worth more than anything on our balance sheet," as Warren Buffett articulated in a shareholder letter.
Both the company's official announcement and Buffett's letter to shareholders emphasize the continuity this appointment brings. Abel himself stated, "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian." Buffett highlighted his son's 33 years as a director, likening him to "a policy the shareholders own and hope never to claim against."
As reported by CNBC's Becky Quick, Buffett has always viewed Berkshire Hathaway akin to a child, and ensuring its future well-being in capable hands has been a paramount concern.
Despite the change in title, Buffett continues to be an active presence, reportedly visiting the office five days a week and maintaining regular communication with Abel. In a notable instance, Buffett clarified that he initiated Berkshire's substantial investment in Alphabet's AI initiatives, with Abel's full approval, underscoring their collaborative decision-making process.
While the precise degree of Buffett's future involvement remains to be seen, he expressed contentment with the transition, stating he still has "the best job in the world" and feels optimistic about what lies ahead.
Industry observers, like Brian Jacobsen of Annex Wealth Management, view this as a "graceful exit" and the culmination of a "carefully planned succession" rather than an abrupt change.
Who is Howard Buffett?
Howard Buffett, often known as "Howie," brings a unique background to the chairman role. His experiences include operating farms, engaging in law enforcement as a county sheriff, and extensive philanthropic work through his foundation. The foundation focuses on critical areas like food security and conflict mitigation, with significant contributions directed towards Ukraine.
While not a traditional business executive, Howard Buffett has served on several corporate boards, including Coca-Cola and ConAgra Foods. His father's endorsement, "He is getting it because he is my son," coupled with Howard's own acknowledgment of his father's extensive preparation, underscores the unique nature of this succession.
Berkshire shares undisturbed ... now
The market has reacted with relative calm to the news. Berkshire Hathaway's Class A and Class B shares experienced initial dips but largely stabilized, ending the day near their previous closing prices. This stability suggests that the market had already anticipated this transition, and the "Buffett premium" may have diminished. In fact, Berkshire shares have underperformed the S&P 500 since Buffett's initial CEO stepping-down announcement in May 2025.
BUFFETT & BERKSHIRE AROUND THE INTERNET
- 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
- Associated Press video: Warren Buffett steps down as chairman of Berkshire Hathaway after more than 50 years
- Bloomberg (subscription): Buffett Steps Down as Berkshire Chair, Ending Six-Decade Run
- Bloomberg Television: Warren Buffett Steps Down as Berkshire Hathaway Chairman
- Yahoo Finance video: End of an era: Buffett steps down as Berkshire Hathaway chairman
- CNN: Warren Buffett steps down as chairman of Berkshire Hathaway
- The Chronicle of Philanthropy: A look at Warren Buffett's giving as he steps down
- Reuters: Warren Buffett steps down as Berkshire chairman, son Howard succeeds
- The Wall Street Journal (subscription): Warren Buffett Steps Down as Berkshire Hathaway Chairman
- The Wall Street Journal (subscription): What Warren Buffett Learned From His Biggest Hits—and Misses
- Barron's on MSN: Warren Buffett steps down as Berkshire Hathaway chairman. Here's his final message.
- Barron's (subscription): How Will Berkshire Equities Be Run Without Warren Buffett?
- BBC: Warren Buffett steps down after six decades at Berkshire - 'Father Time always wins'
- CBS News: Warren Buffett stepping aside as Berkshire Hathaway chairman
- CBS News video: Warren Buffett stepping aside as Berkshire Hathaway chairman
HIGHLIGHTS FROM CNBC'S BUFFETT ARCHIVE
Berkshire's culture is 'self-reinforcing' (2015)
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.
BERKSHIRE STOCK WATCH
Four weeks
Twelve months
BRK.A stock price: $763,600.01
BRK.B stock price: $509.77
BRK.B P/E (TTM): 12.82
Berkshire market capitalization: $1,090,754,504,023
Berkshire Cash as of June 30: $365.5 billion (Down 8.0% from March 31)
Excluding Rail Cash and Subtracting T-Bills Payable: $359.2 billion (Down 3.8% from March 31)
Berkshire repurchased $4.5 billion of its shares in Q2 2026.
BERKSHIRE'S TOP EQUITY HOLDINGS - Sep. 18, 2026
Berkshire's top holdings of disclosed publicly traded stocks in the U.S. and Japan, by market value, based on the latest closing prices.
Holdings are as of June 30, 2026, as reported in Berkshire Hathaway's 13F filing on August 14, 2026, except for:
- Mitsubishi, which is as of April 30, 2026
The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.
QUESTIONS OR COMMENTS
Please send any questions or comments about the newsletter to me at alex.crippen@cnbc.com. (Sorry, but we don't forward questions or comments to Buffett himself.)
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Also, Buffett's annual letters to shareholders are highly recommended reading. There are collected here on Berkshire's website.
-- Alex Crippen, Editor, Warren Buffett Watch
