Warren Buffett Steps Down as Chairman of Berkshire Hathaway, Names His Replacement: 'Father Time Always Wins'
Warren Buffett announced Friday that he is stepping down as chairman of the Berkshire Hathaway board of directors.
His son, Howard, will succeed him, according to The Wall Street Journal.
Warren Buffett, 96, will become chairman emeritus, according to Yahoo. Howard Buffett is 71.
The business ranges from operating one of the nation’s most important railroads, Burlington Northern, to supporting the housing market via homebuilder Clayton Homes.
“Father Time always wins,” Buffett wrote Friday to Berkshire’s shareholders, according to NBC News.
Warren Buffett has now fully retired at 96 after stepping down as Berkshire Chairman.
A key lesson from his career is the importance of a morning routine.
Everyday, he’d drive 5 minutes to work and pass by McDonald’s. Then, he’d eat a breakfast McMuffin based on if markets are… https://t.co/MuT0HeeHC0 pic.twitter.com/6L002vettO
— Trung Phan (@TrungTPhan) September 18, 2026
“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,” he wrote.
“I have served Berkshire since 1965,” Buffett wrote, according to the Associated Press.
“Sixty-plus years in, I still have the best job in the world. That is not something many people my age can say, and I have never felt better about what comes next,” he wrote.
Buffett became Berkshire Hathaway’s chairman in 1970 after taking control of the company in 1965.
Howard Buffett, the eldest son of legendary investor Warren, is already well-versed in corporate governance as he takes over for his father as chairman of Berkshire Hathaway https://t.co/6If6WaEI2n
— Bloomberg (@business) September 18, 2026
Michael Withers, professor of management at the University of Notre Dame’s Mendoza College of Business, said Buffett has made the transition very slow and deliberate.
“Buffett seems to have understood that succeeding him wasn’t just about finding another extraordinary leader,” he said.
“It was about building a structure that could preserve what makes Berkshire different long after he has stepped away,” he said.
Greg Abel took over as CEO nine months ago. Buffett had announced in May 2025 that he would step down as CEO, according to CNBC.
“The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian,” Abel said in a news release.
“Greg runs the company; Howard will guard its culture and values — both worth more than anything on our balance sheet,” Buffett wrote. “Think of Howard as a policy the shareholders own and hope never to claim against.”
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