Berkshire Hathaway has named Howard Buffett chairman as Warren Buffett steps down from the role and becomes chairman emeritus, effective immediately, according to Reuters. The change marks another major step in Berkshire’s long-planned leadership succession following Warren Buffett’s departure as chief executive earlier in 2026.
Warren Buffett, 96, will remain a member of Berkshire’s board and continue providing his perspective to the company in his new chairman emeritus role.
Howard Buffett, Warren Buffett’s son, has served as a Berkshire director since 1993. His elevation to chairman separates the board leadership role from day-to-day management, which is now led by CEO Greg Abel.
Abel, a longtime Berkshire executive who previously oversaw the conglomerate’s non-insurance operations, succeeded Warren Buffett as chief executive earlier this year.
The leadership structure reflects a succession framework that Berkshire developed over many years. Warren Buffett had previously indicated that Howard Buffett could eventually serve as non-executive chairman, helping preserve Berkshire’s culture while professional management remained responsible for operating the company.
Warren Buffett transformed Berkshire from a struggling textile company into one of the world’s largest and most closely watched business conglomerates.
Berkshire is now valued at approximately $1.03 trillion and owns dozens of businesses spanning insurance, railroads, energy, manufacturing, consumer products and services. Major operating companies include Geico, BNSF Railway and Berkshire Hathaway Energy, along with consumer brands such as Dairy Queen and Fruit of the Loom.
Buffett’s approach to capital allocation also turned Berkshire into one of the world’s most influential investment organizations. Over decades, the company accumulated major equity positions in large public companies while using cash generated by its operating subsidiaries to fund acquisitions, investments and share repurchases.
His influence extended well beyond Berkshire. Corporate executives and investors frequently looked to Buffett’s annual shareholder letters and Berkshire’s annual meeting in Omaha for views on acquisitions, corporate governance, investing and long-term business strategy.
Buffett first publicly disclosed plans to step away from Berkshire’s top executive position in May 2025, setting the stage for Abel to succeed him.
The chairman transition further formalizes that succession while keeping Buffett involved with the company he has led for decades.
Berkshire enters the new leadership era with substantial financial resources.
In its most recently reported quarter, Berkshire’s operating profit increased 16% to $12.98 billion. Net income more than doubled to $25.67 billion, although that figure includes unrealized gains and losses from Berkshire’s equity portfolio.
The company has also begun deploying more of its large cash position. During the second quarter, Berkshire invested billions of dollars in stocks including Alphabet and repurchased billions of dollars of its own shares.
Abel said Berkshire intends to preserve the culture and values established by Buffett, with Howard Buffett serving as a steward of that legacy from the chairman’s position.
The transition creates a new leadership structure for Berkshire in which Greg Abel oversees the conglomerate as CEO, Howard Buffett chairs the board, and Warren Buffett remains involved as chairman emeritus and director.
