Warren Buffett has stepped down as chairman of Berkshire Hathaway, effective immediately, the company announced on Friday. His son, Howard Buffett, a Berkshire director since 1993, will take over as chairman, while the elder Buffett moves into the role of chairman emeritus and remains on the board of directors.

The announcement essentially completes the leadership structure for Berkshire's post-Buffett era, coming roughly nine months after Warren Buffett stepped as chief executive on January 1 of this year and handed day-to-day control of the conglomerate to Greg Abel. Buffett had held the chairman's title since 1965, when he took control of Berkshire Hathaway, then a New England textile maker, and over six decades built it into one of America's largest companies, with major holdings in insurance, railroads, energy and consumer brands.

The change was outlined in a post on X:

Berkshire's post-Buffett leadership structure is now essentially in place. Warren Buffett is stepping down as chairman and becoming chairman emeritus, with his son Howard Buffett taking over as chairman. Greg Abel remains CEO, while Susan Decker continues as lead independent… pic.twitter.com/x1U4pUcagW

— Wall St Engine (@wallstengine) September 18, 2026

Warren Buffett, now 96, will continue to serve on Berkshire's board in his emeritus role. Susan Decker, a board member since 2007, remains lead independent director.

The Transition of Power

Howard Buffett, born in 1954, is Warren Buffett's middle child and second son. He has served on Berkshire's board since 1993, giving him more than three decades of experience as a director of the company.

His elevation to chairman follows Warren Buffett's resignation as CEO on January 1 of this year, when Greg Abel formally took over as chief executive and has been running day-to-day operations since then.

In a letter to shareholders, Warren Buffett said the timing felt right. He wrote that Abel had been “making the decisions that matter for some time” and had exceeded his expectations.

“Greg runs the company; Howard will guard its culture and values,” Buffett wrote. He described Howard's role as something like an insurance policy for shareholders — one they hope never to need.

Buffett also reflected on his time leading the company. “Serving as your chairman has been the privilege of a lifetime, and I have never taken your trust for granted. Father Time always wins,” he wrote.

Abel praised Buffett in a statement on Friday. “Warren's impact on Berkshire and its owners is without parallel in the history of American business,” Abel wrote. “The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”

What Berkshire Looks Like Now

Abel has made several moves since taking the helm. Berkshire built a $37 billion stake in Alphabet, the parent company of Google, making it one of the top five positions in the company's equity portfolio. Abel has said he speaks with Buffett every day and continues to discuss key ideas with him.

Under Abel, Berkshire has increased stock repurchases, although it has not carried out many large new acquisitions. The company's cash pile stood at around $365 billion as of June 30, down slightly from $380 billion at the end of March.

Berkshire Class A shares ended Thursday at $763,936. The stock is up 1.2% this year but has underperformed the S&P 500.

At the time of his CEO resignation, Buffett held a 30% voting interest as the controlling shareholder. He has said he plans to give away his entire Berkshire stake, currently about 13% of the company and worth more than $140 billion, by 2034 — a timeline that will now unfold under Berkshire's new leadership structure.

This article is based on reporting by CoinCentral.