Buffett steps down as chairman

At 96, Warren Buffett is stepping down as Berkshire Hathaway chairman but remaining on the board as chairman emeritus. His son Howard will become the new chairman.

Three-step succession plan

Buffett has gradually stepped back over years. First, Greg Abel handled operating companies. Then in May 2025, Buffett announced he'd step down as CEO at year-end but stay as chairman. Now he's leaving the chairman role.

Howard's main job: guard the culture

Buffett wrote that Howard's primary responsibility is to guard Berkshire's culture and values, which he says are worth more than anything on the balance sheet.

“guard [Berkshire's] culture and values, both worth more than anything on our balance sheet.”

Howard has been a director for 33 years

Howard Buffett has served on Berkshire's board for 33 years, giving him deep knowledge of the company. Buffett called him a policy shareholders own and hope never to claim against.

“Think of Howard as a policy the shareholders own and hope never to claim against.”

Greg Abel remains as CEO

Greg Abel continues as CEO, saying the culture Warren built and the values he championed will remain at the heart of Berkshire, with Howard as their guardian.

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

Buffett still comes to the office

Since Abel became CEO, Buffett still comes into the office five days a week and talks with Abel at least every few days. Buffett approved the 37 billion dollar Alphabet investment.

Buffett remains the final decider

Buffett told CNBC he initiated Berkshire's 37 billion dollar Alphabet investment, with Abel's approval. He said Abel doesn't do anything he doesn't approve of and vice versa.

“I am not doing anything that [Abel] doesn't approve of. He's not doing anything I don't approve of.”

Buffett says he feels great

Buffett said in his letter he still has the best job in the world and has never felt better about what comes next, though it's unclear if he'll be less active in his new role.

Wall Street sees graceful exit

Analysts called the transition a graceful exit and the completion of a carefully planned succession rather than a sudden changing of the guard.

“This feels more like the completion of a carefully planned succession than a sudden changing of the guard.”

Who is Howard Buffett?

Howard Buffett, who prefers to be called Howie, is less well-known than his father. He attended three colleges without graduating before running farms in Nebraska and Illinois.

Howard served as county sheriff

Howard completed more than 3,300 hours of patrol and training as a county sheriff starting in 2017, including 76 weapons qualifications ranging from Tasers to rifles.

Howard is a major philanthropist

Howard's foundation gave away 700 million dollars last year, focusing on food security, conflict mitigation, and human trafficking. Ukraine received 350 million dollars in 2025 alone.

Ukraine has been major focus

Howard's foundation has given Ukraine 1.1 billion dollars since Russia's 2022 invasion. He has traveled there and told CNBC he had never seen anything like it in his lifetime.

“I have never quite seen anything like this in my lifetime.”

Howard has corporate board experience

Howard has served as a director for Coca-Cola, Coca-Cola Enterprises, and ConAgra Foods, making him no stranger to corporate boards despite his unconventional background.

Main qualification: he's Warren's son

The Wall Street Journal noted Howard's main qualification is that his father is Warren Buffett. Buffett told the paper in 2025, he is getting it because he is my son.

“He is getting it because he is my son.”

Howard says he's prepared

Howard said of becoming chairman, I feel I'm prepared for it because Warren prepared me. That's a lot of years of influence and a lot of years of teaching.

“I feel I'm prepared for it because [Warren] prepared me. That's a lot of years of influence and a lot of years of teaching.”

Stock market barely reacted

Berkshire shares initially fell Friday but recovered to end nearly unchanged. The Buffett Premium has already faded as shares are down 5 percent since his May 2025 CEO announcement.

Berkshire underperforming the market

Berkshire shares are down more than 5 percent since May 2025 while the S&P 500 gained more than 34 percent. Year-to-date, B shares are underperforming the benchmark by more than 10 percentage points.