Warren Buffett Steps Down As Hathaway Chairman, Son Howard To Take Over

Warren Buffett, one of the richest people in the world who made his fortune by making the right stock bets at the right time, has stepped down as the chairman of investment firm Berkshire Hathaway after over 56 years.

The investment icon is 96 years old. However, he will not hang up his boots just yet. He will assume the role of chairman emeritus immediately and make way for his son, Howard Buffett, who has been on the giant's board since 1993. Another role the "Oracle of Omaha" will not relinquish is that of a director.

This is the second post he has resigned from in a year. At the start of 2026, he stepped aside from the role of the Chief Executive Officer (CEO). Greg Abel took the mantle of the $1 trillion conglomerate from him.

He wrote an emotive letter to the company's stakeholders, assuring them the firm is in the right hands.

"I have served Berkshire since 1965," Buffett said in a letter to shareholders.

"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 added.

"Greg runs the company; Howard will guard its culture and values - both worth more than anything on our balance sheet," he said. "Think of Howard as a policy the shareholders own and hope never to claim against."

He draws his net worth from Berkshire Hathaway stock. The company had been a New England textile firm. It later became an investing conglomerate.

Buffett is also known for his philanthropy. Since 2006, he has given away $66 billion worth of stocks since 2006.

During his time as CEO of Berkshire Hathaway, the company nearly doubled the returns of the S&P 500, with a 19.9% compounded annual growth rate compared with the index's 10.4% gain.

"Warren's impact on Berkshire and its owners is without parallel in the history of American business," Abel said in a prepared statement. "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian," he added.

Buffett has lived in Omaha for the past six decades and is considered the world's greatest investor who built the country by investing in insurance companies like GEICO, major utilities, manufacturers and well-known brands like Dairy Queen and the BNSF railroad.

Earlier this year, he vowed he would drastically increase the amount he donates every year.

Apart from GEICO, the company also has a stake in Duracell, Coca-Cola, and Bank of America.

With inputs from AP, AFP