Warren Buffett has resigned as chairman of Berkshire Hathaway.

Warren Buffett has stepped down from his position as chairman of Berkshire Hathaway, the iconic investment conglomerate he has led for more than six decades. His son, Howard Buffett, will assume the role, marking the latest shift in the company’s leadership structure. The announcement came in a letter to shareholders, with Buffett citing his long tenure and expressing confidence in the future direction of the business. At 96 years old, Buffett has spent nearly 60 years guiding Berkshire, which has grown from a struggling textile company into a multibillion-dollar enterprise with a market value exceeding $1 trillion. Buffett’s departure follows his resignation as chief executive officer in early 2025, when he handed over the reins to Greg Abel. The transition was anticipated, as part of a long-term succession plan. In his letter, Buffett emphasized the enduring legacy of the company’s culture and values, stating that they would remain central to Berkshire’s identity. He described his decision as timely, noting that he has “never felt better about what comes next.” Howard Buffett, 71, will serve as chairman, continuing his father’s vision while ensuring the preservation of the company’s core principles. The move was confirmed by Berkshire Hathaway in a statement released on Friday, September 18. Buffett will retain the title of “chairman emeritus” and remain on the company’s board of directors. His son, Howard, will focus on safeguarding the cultural and ethical foundations that Buffett has cultivated over the years. According to the company, these values are considered more valuable than any financial assets on the balance sheet. Buffett’s leadership has left an indelible mark on the business world. Since acquiring Berkshire Hathaway in 1965, he transformed it from a textile manufacturer into a diversified holding company with interests spanning insurance, energy, consumer goods, and technology. The company now owns stakes in major corporations such as Coca-Cola, Bank of America, and Apple, among others. Under his guidance, Berkshire has consistently outperformed the broader market, surpassing the S&P 500 in 40 of the past 60 years. Buffett’s influence extends beyond finance. Known as the “Oracle of Omaha,” he is celebrated for his straightforward approach to investing and his commitment to long-term value creation. His net worth, according to Forbes, is estimated at $144.7 billion, placing him among the wealthiest individuals globally. Despite his immense fortune, Buffett has maintained a relatively modest lifestyle, often emphasizing the importance of prudent spending and charitable giving. Greg Abel, who now serves as CEO, expressed his admiration for Buffett’s contributions. In a separate statement, Abel noted that the culture and values Buffett established will remain at the heart of Berkshire, with Howard Buffett acting as their guardian. Abel also highlighted that Buffett’s influence will continue to shape the company’s strategy and operations. The transition marks a pivotal moment in Berkshire’s history, signaling the passing of the torch to the next generation of leaders. While Buffett’s departure is a notable event, it does not signal a dramatic shift in the company’s operational direction. The leadership team, including Abel and Howard Buffett, is expected to maintain the stability and success that have defined Berkshire for decades. Berkshire Hathaway’s stock remained largely unchanged in pre-market trading following the announcement. The company has faced challenges in recent years, with its shares underperforming compared to the S&P 500. However, historical performance suggests that the company has generally managed to recover and deliver returns over the long term. As the new era begins, the focus will remain on preserving the integrity and ethos that have made Berkshire a cornerstone of the financial industry. With Howard Buffett at the helm, the company is poised to navigate the evolving landscape of global markets while staying true to its foundational principles.