Warren Buffett officially stepped down as chairman of Berkshire Hathaway on September 18, ending a more than 60-year tenure with the company. The 96-year-old investor, who had already handed over the CEO role to Greg Abel at the start of 2026, will remain on the board as chairman emeritus. Buffett’s net worth is estimated at $145 billion, reflecting his long-term success with the conglomerate, which he once called the "dumbest stock" he ever bought, according to fortune.com.
Buffett’s departure as chairman was part of a long-standing succession plan, with his son Howard G. Buffett, a Berkshire director for 33 years, taking over the role. Greg Abel, who became CEO on January 1, has exceeded Buffett’s expectations, prompting the leadership transition. Buffett emphasized the importance of separating operating authority and cultural stewardship, stating that Abel runs the company while Howard will guard its culture and values, which Buffett described as more valuable than anything on the balance sheet, per fortune.com.
The governance model at Berkshire Hathaway now distinctly separates the CEO's operational responsibilities from the chairman’s role as custodian of company culture. This approach reflects Buffett’s belief in the importance of culture alongside capital in sustaining long-term business success. Abel praised Buffett’s impact as unparalleled in American business history, highlighting the enduring influence of the culture Buffett built at Berkshire, according to fortune.com.
Buffett’s exit from the chairman role marks a significant milestone in Berkshire Hathaway’s leadership evolution. The company’s next shareholder letter, expected later this year, will provide further insights into the transition and the future direction under Abel and Howard Buffett’s stewardship, as noted in the recent fortune.com coverage.