Warren Buffett Steps Down as Berkshire's Chair — Son Howard Takes to Succeed: 'Father Time Always Wins' (UPDATED)

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Editor's Note: This story has been updated with additional details on Berkshire Hathaway's succession plan.

Berkshire Hathaway Inc. said Friday that Warren Buffett has stepped down as chairman and will become chairman emeritus, effective immediately, marking another major step in the succession of the legendary investor.

Buffett, 95, will remain on Berkshire's board of directors and continue to provide his judgment and perspective to the company.

The board elected Howard Buffett , Warren Buffett's son and a Berkshire director since 1993, as chairman. Greg Abel will continue as CEO, while Susan Decker will remain lead independent director.

Berkshire said the move is consistent with its long-standing succession plan, with Abel describing Warren Buffett's impact on the company and its owners as "without parallel in the history of American business."

On Friday, Buffett acknowledged that "Father Time always wins," but said it has been generous to him, allowing him to see Berkshire reach a point where he is "more confident than ever" about its future.

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

Buffett said he recently celebrated his 96th birthday with family and friends, joking that his one-year-old great-grandchild is now moving faster than he is.

"The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian," Abel stated.

Buffett transformed a struggling New England textile mill into Berkshire Hathaway, a global financial and industrial powerhouse with $44.5 billion in 2025 operating earnings and nearly 400,000 employees. He stepped down as Berkshire Hathaway CEO on December 31.

In his Thanksgiving letter to employees, Buffett acknowledged the limitations of aging, saying he moved more slowly and had increasing difficulty reading but still worked from the office five days a week.