Warren Buffett, the renowned 96-year-old investor known as the "Oracle of Omaha," has stepped down as chairman of Berkshire Hathaway. The announcement marks the final chapter in a long-planned leadership transition at the US business giant. Buffett's son, Howard Buffett, who has served as a director since 1993, is taking over non-executive board duties. Meanwhile, the elder Buffett will move into an advisory role as chairman emeritus while keeping his seat on the board to offer his judgment and perspective.
The move comes nine months after Buffett passed the chief executive role to Greg Abel, who handles corporate strategy and capital decisions. The company assured investors that daily operations will remain steady. While Abel manages strategic direction, Howard Buffett—a former farmer, philanthropist, and sheriff—will focus primarily on guarding the firm's culture and values.
Buffett built one of the most successful investment track records in modern history. After taking control of Berkshire Hathaway in 1965, when it was a struggling New England textile mill, he transformed it into a global conglomerate valued at $1.1 trillion (£822 billion). Today, the business owns well-known brands such as GEICO car insurance, Dairy Queen, and the BNSF railway system, alongside major stakes in companies like Apple and Coca-Cola. His approach focused on "value investing"—buying companies with solid fundamentals at fair prices and holding them for decades.
In a letter to shareholders, Buffett framed his decision as an orderly passing of the baton, noting he had recently celebrated his 96th birthday. He wrote that serving as chairman had been the "privilege of a lifetime," while acknowledging that in the end, "Father Time always wins."