Warren Buffett Steps Down as Berkshire Chairman After 61 Years: ‘Father Time Always Wins’

Last month, acclaimed investor Warren Buffett celebrated his 96th birthday — and found that one of his great-grandchildren, who just turned one, was moving more quickly than he was. The observation cemented his decision to take another step back from Berkshire Hathaway, the company he took over in 1965 and built into a trillion-dollar conglomerate over 61 years. 

In a letter to shareholders released on Friday, Buffett explained that he would be stepping down as chairman of Berkshire Hathaway’s board, effective immediately. He will become chairman emeritus and remain a director on the board. 

“Father Time always wins,” Buffett wrote. “He has, however, been generous with me. 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, and I look forward to remaining a shareholder alongside you.”

Part of Buffett’s confidence comes from Greg Abel, his successor, who took over as CEO earlier this year. “My expectations for him were sky high from the start, and he has exceeded them,” Buffett said in the letter. “So the timing is right to complete the transition.” 

Buffett’s son, Howard, 71, will succeed him as chairman of the board. Howard manages a 1,500-acre farm in Illinois and oversees a 400-acre farm in Nebraska. He has been a Berkshire director for 33 years, according to Buffett. 

“That is a longer apprenticeship than I served before taking the reins at the age of 34,” Buffett wrote. “Greg runs the company; Howard will guard its culture and values — both worth more than anything on our balance sheet.”

Buffett has slowly been pulling back from Berkshire

Over the past several years, Buffett has accelerated a highly visible retreat from Berkshire’s day-to-day leadership. In May 2025, Buffett revealed at Berkshire’s annual meeting that he would be handing the CEO reins to Abel on January 1, 2026. Abel wrote the company’s annual shareholder letter this year, ending a decades-long Buffett tradition, and led Berkshire’s May shareholder meeting. Buffett attended the event but spoke only briefly from the audience rather than taking the stage as its central figure.

Buffett’s personal ties to Berkshire are also set to diminish. In July, Buffett said he intends to donate his remaining shares, then valued at roughly $140 billion, to four foundations by December 31, 2034. 

He has long pledged to give away more than 99% of his wealth to charitable causes. Since 2006, he has donated billions in Berkshire Hathaway shares.

Buffett’s work at Berkshire stands out. He accumulated control of the struggling textile maker 61 years ago and converted it into a conglomerate spanning insurance, railroads, utilities, manufacturing and retail.

The scale of the company illustrates that transformation. Berkshire reported $44.5 billion in operating earnings in 2025, although that figure was down from $47.4 billion a year earlier. It also generated $46 billion in operating cash flow.