Warren Buffett is stepping down as chairman of Berkshire Hathaway, the company he built over six decades, and will become chairman emeritus effective immediately, the company announced on Sept. 18. His son, Howard Buffett, 71, replaces him as chairman and will not have a management role, with his main responsibility being to preserve Berkshire's culture. Buffett, 96, handed the CEO reins to longtime lieutenant Greg Abel nine months ago and first announced plans to step away in May 2025. Over six decades, Buffett transformed Berkshire Hathaway from a failing textile company into a $1.1 trillion conglomerate, and between 1965, when he took over, and 2023, Berkshire stock reaped a compounded average annual return of 19.8%, compared with 10.2% for the S&P 500 as a whole. Berkshire stock is up just 0.7% this year as of late morning on Sept. 18, compared with an 11% gain for the S&P, and Buffett is the 10th-wealthiest American with an estimated wealth of $144 billion, according to Forbes.
Berkshire Hathaway IncWarren Buffett steps down as chairman, with son Howard named successor; no clear positive or negative driver stated
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