An article summarized by CNBC:
Warren Buffett is stepping down as chairman of Berkshire Hathaway after more than six decades at the helm. The 96-year-old investor will become chairman emeritus while remaining on the board. His son, Howard Buffett, will take over as chairman, while Greg Abel, who became CEO earlier this year, will continue running the company. Buffett said his decision reflects his age, writing, “Father Time always wins,” while expressing confidence in Berkshire’s future.
Buffett transformed Berkshire from a struggling New England textile company into a roughly $1 trillion conglomerate with nearly 400,000 employees. During his tenure, Berkshire generated a 19.7% compounded annual return for shareholders, nearly twice the return of the S&P 500. Even after stepping down as CEO, Buffett remained heavily involved, including helping drive Berkshire’s roughly $10 billion investment in Alphabet earlier this year and continuing to visit the company’s Omaha headquarters regularly.
The leadership transition comes as Berkshire faces a more challenging period for investors. Its stock has risen only about 1% in 2026, compared with an 11% gain for the S&P 500, while the company continues to hold an enormous $365.5 billion cash pile. Abel has increased Berkshire’s stock buybacks, including $4.5 billion in the second quarter, as investors watch how he deploys the company’s capital without Buffett formally in charge. Buffett said Berkshire is “in excellent hands” and that he intends to remain a shareholder.
