Warren Buffett steps down as Berkshire Hathaway chairman after six decades

September 21, 2026 at 05:40 PM2 min

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Warren Buffett stepped down as chairman of Berkshire Hathaway on Sept. 18, effective immediately, and was succeeded by his son Howard G. Buffett. The move completes a leadership transition that began when Greg Abel became CEO on Jan. 1. Buffett will remain on the board as chairman emeritus.

Key Facts

Warren Buffett stepped down as Berkshire Hathaway chairman on Sept. 18 and was succeeded by his son Howard G. Buffett, a director for 33 years.
Greg Abel has been CEO since Jan. 1, and Berkshire spent $39.4 billion on equity purchases in the first half of 2026, more than five times the $7.1 billion a year earlier.
Alphabet became Berkshire's third-largest holding at $37.8 billion by midyear after Abel added 48.1 million shares as part of a $10 billion commitment to support Alphabet's AI investments.
Berkshire also bought homebuilder Taylor Morrison for $6.8 billion and resumed share buybacks with $4.5 billion after more than a year of inactivity.

Leadership Transition

Buffett's departure as chairman was described by Berkshire as part of a long-standing succession plan, though it surprised some investors. In his shareholder letter, Buffett wrote that the timing was right because Abel had exceeded his expectations, which were 'sky-high from the start.' Buffett distinguished operating authority from cultural stewardship: 'Greg runs the company; Howard will guard its culture and values,' he wrote. Abel called Buffett's impact 'without parallel in the history of American business' and said the culture Buffett built will remain at Berkshire's heart. Susan Decker will continue as lead independent director.

Capital Allocation Shift

Under Abel, Berkshire's equity purchases surged to $39.4 billion in the first half of 2026 from $7.1 billion a year earlier. Alphabet is now Berkshire's third-largest holding at $37.8 billion, reflecting a $10 billion commitment to support Alphabet's AI investments. The $6.8 billion purchase of Taylor Morrison fits the traditional value-investing mold associated with Buffett. Berkshire resumed share buybacks with $4.5 billion after more than a year of inactivity.