OMAHA, Neb. — September 18, 2026. Warren Buffett steps down as chairman of Berkshire Hathaway effective today, ending a 56-year run at the top of the board and completing a leadership transition that began when Greg Abel took over as chief executive at the start of this year. The company said Buffett, 96, becomes chairman emeritus and remains a director, while his son Howard G. Buffett — a Berkshire board member since 1993 — has been elected chairman.
The announcement, released Friday morning through Berkshire’s news release and Business Wire, formalizes the last piece of a succession plan that Buffett first outlined publicly at the May 2025 annual meeting. It arrives on an already crowded news day for markets, with the Bank of Japan lifting rates to a 31-year high and U.S. equities digesting the Federal Reserve’s first rate hike since 2023.
What Berkshire Hathaway Announced
According to the company’s release, the board took three actions:
- Warren E. Buffett transitions to Chairman Emeritus and continues to serve as a director.
- Howard G. Buffett is elected Chairman of the Board.
- Susan L. Decker continues as Lead Independent Director; Greg Abel continues as Chief Executive Officer.
In a short letter to shareholders included with the release, Buffett wrote: “I have served Berkshire since 1965. Sixty-plus years in, I still have the best job in the world.” On the division of responsibilities going forward, he added: “Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet.” He closed by saying the company “is in excellent hands, and I look forward to remaining a shareholder alongside you.”
Abel, in the same release, said: “Warren’s impact on Berkshire and its owners is without parallel in the history of American business. The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian.”
Company statements above are quoted from Berkshire’s release; they reflect the company’s own characterization of the transition.
Company Background: How the Succession Unfolded
Buffett took control of Berkshire Hathaway, then a struggling New England textile maker, in 1965 and became chairman in 1970. Over the following decades he turned it into a conglomerate spanning insurance (GEICO, Berkshire Hathaway Reinsurance), railroads (BNSF), utilities and energy (Berkshire Hathaway Energy), manufacturing, retail, and one of the world’s largest public-equity portfolios.
| Date | Milestone |
|---|---|
| 1965 | Buffett takes control of Berkshire Hathaway |
| 1970 | Buffett becomes chairman |
| 1993 | Howard G. Buffett joins the Berkshire board |
| May 2025 | Buffett announces at the annual meeting that he will step down as CEO at year-end |
| January 2026 | Greg Abel becomes CEO; Buffett remains chairman |
| September 18, 2026 | Buffett becomes chairman emeritus; Howard Buffett elected chairman |
Howard Buffett has served on the board for 33 years and leads the Howard G. Buffett Foundation, which focuses on global food security and conflict mitigation. Warren Buffett had said for years that he expected Howard to serve as non-executive chairman after his own departure, specifically to protect Berkshire’s culture rather than to run the business — a framing the company repeated in today’s release.
Why the Move Matters for Shareholders
A governance question, not an operating one
Day-to-day management does not change. Abel has run the operating businesses since January and, before that, oversaw all non-insurance operations as vice chairman. Buffett’s letter is explicit that Howard’s job is cultural stewardship — the decentralized, hands-off management style, the aversion to leverage, and the long holding periods that have defined the company.
The “Buffett premium” debate resurfaces
Analysts have long argued about whether Berkshire’s shares trade at a premium tied to Buffett personally, and whether that premium fades as he steps back. That debate is commentary rather than settled fact; today’s announcement gives it a fresh data point but does not resolve it.
Capital allocation continues under Abel
Berkshire has carried an unusually large cash and Treasury-bill position through 2025 and into 2026, according to its quarterly reports. How Abel deploys it — acquisitions, buybacks, or continued patience — is the operating question investors have been watching since January, and it is unaffected by today’s board change.
Market Context
The announcement landed on a “triple witching” Friday, with the S&P 500 and Dow slightly lower and the Nasdaq modestly higher in early trading, according to TheStreet’s live coverage. Investors were also absorbing the Bank of Japan’s decision to raise its policy rate to 1.25%, the highest in 31 years, and Wednesday’s quarter-point Federal Reserve hike to a 3.75%–4.00% target range. Berkshire’s Class A and Class B shares traded on the news during the session; intraday moves were modest relative to the broader market as of publication and may change by the close.
What Comes Next
- Buffett’s shareholding. Buffett has said he intends to remain a shareholder. He has previously pledged to give away more than 99% of his wealth, primarily through annual gifts of Berkshire stock to family foundations and the Gates Foundation; any changes to that schedule would be disclosed in SEC filings.
- SEC filing. A Form 8-K covering the board changes is expected; investors should check Berkshire’s EDGAR filings for the official document.
- Third-quarter results. Berkshire typically reports Q3 in early November; it will be the first quarterly report with Howard Buffett as chairman.
- 2027 annual meeting. The May 2027 meeting in Omaha will be the first without Warren Buffett as chairman. The company has not yet said what role, if any, he will play on stage.
Key Facts at a Glance
| Item | Detail |
|---|---|
| New chairman | Howard G. Buffett (board member since 1993) |
| Warren Buffett’s new title | Chairman Emeritus; remains a director |
| CEO | Greg Abel (since January 2026) |
| Lead independent director | Susan L. Decker |
| Effective | September 18, 2026 |
| Buffett’s tenure as chairman | 1970–2026 (56 years) |
Sources
- Berkshire Hathaway Inc. news release, September 18, 2026 (PDF)
- Business Wire — Berkshire Hathaway Inc. News Release
- NPR — Warren Buffett steps down as Berkshire Hathaway chairman
- Forbes — Billionaire Warren Buffett Steps Down As Berkshire Hathaway Chair
- Axios — Warren Buffett steps down as Berkshire Hathaway chairman
- TheStreet — Stock Market Today, Sept. 18, 2026
This story is developing. Figures and quotations are drawn from the company’s release and the news reports linked above as of the morning of September 18, 2026; market data may change by the close.
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