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Warren Buffett stepped down as chairman of Berkshire Hathaway after six decades, becoming chairman emeritus while his son Howard Buffett takes over the role. Greg Abel, who became CEO earlier this year, will continue leading day-to-day operations. In a letter to shareholders, Buffett expressed confidence in Abel and Howard’s leadership, noting that Berkshire is now worth approximately $1.2 trillion under his stewardship since 1965.
Written locally by qwen2.5:14b on 2026-09-18,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Warren Buffett, aged 96, stepped down as chairman of Berkshire Hathaway, a position he held since 1970, to become chairman emeritus effective immediately. His son, Howard Buffett, who has been on the board since 1993, will take over as the new chairman. Buffett had previously handed over CEO duties to his hand-picked successor, Greg Abel, in late 2022. In a letter to shareholders, Buffett expressed confidence in Abel and Howard's leadership while emphasizing that the company’s culture and values would remain intact under their guidance.
Written for “Warren Buffett Steps Down” on 2026-10-06,
grounded in this article and the 18 other(s) covering the same event.
Warren Buffett stepped down as chairman of Berkshire Hathaway on Friday, ending a six-decade run at the helm of the conglomerate he built from a struggling textile company into one of the world’s most valuable businesses.
asserted
he → step → businesses
Buffett, 96, will become chairman emeritus and remain on Berkshire’s board of directors, the company announced.
asserted
company → become → directors
His son, Howard Buffett, will take over as chairman after more than 30 years on the board.
asserted
son → take → board
The move completes a leadership transition that began when Buffett relinquished his role as chief executive at the start of the year, handing day-to-day control of Berkshire to longtime lieutenant Greg Abel.
asserted
Buffett → complete → Abel
Buffett stunned shareholders at the company’s annual meeting in May 2025 when he announced plans to step aside as CEO.
uncertain
he → stun → CEO
Buffett said Friday that Abel had exceeded his expectations since taking over the trillion-dollar holding company and was already making Berkshire’s major operating and investment decisions, clearing the way for Buffett to surrender his final leadership position.
asserted
Buffett → say → position
“My expectations for him were sky high from the start, and he has exceeded them,” Buffett wrote in a letter to shareholders.
asserted
Buffett → exceed → shareholders
“He has taken hold of the Chief Executive Officer job in every respect.
asserted
He → take → respect
He has been making the decisions that matter for some time now, and I have not had to think twice about any of them.”
asserted
I → make → them
In his letter, Buffett said the “timing is right to complete the transition,” emphasizing his confidence in Abel and his son’s ability to run the Nebraska-based company.
asserted
timing → say → company
That is a longer apprenticeship than I served before taking the reins at the age of 34,” Buffett said.
asserted
Buffett → serve → 34
“Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet.
asserted
both → run → sheet
Think of Howard as a policy the shareholders own and hope never to claim against.”
uncertain
shareholders → think → policy
Since taking over Berkshire Hathaway in 1965, Buffett has transformed it into a company worth roughly $1.2 trillion.
asserted
Buffett → take → company
He took on the role of chairman in 1970 and spent the following decades building Berkshire through acquisitions and investments.
asserted
He → take → acquisitions
His father has gradually reduced his responsibilities at the company while also giving away much of his fortune through charitable donations.
asserted
father → reduce → donations
Despite surrendering the chairmanship, Warren Buffett indicated Friday that he does not plan to disappear entirely from the company he spent years building as his son takes the reigns.
asserted
son → surrender → reigns
“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted,” he wrote.
asserted
he → serve → trust
“Father Time always wins.
asserted
Time → win → ?
He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.
asserted
what → give → point
The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”
asserted
I → look → you
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