Buffett steps down as chairman

Warren Buffett, 96, is stepping down as chairman of Berkshire Hathaway effective immediately. He will become chairman emeritus while remaining a director, and his son Howard Buffett will replace him as chairman.

“Father Time always wins. He has, however, been generous with me.”

Six decades of extraordinary returns

Buffett has led Berkshire since 1965, transforming a failed textile mill into a trillion-dollar conglomerate with 400,000 employees. Under his tenure, Berkshire posted a 19.7% compounded annual return, nearly double the S&P 500's performance.

Greg Abel takes the helm

Greg Abel became CEO nine months ago while Buffett retained the chairmanship. Abel will continue running the company day-to-day, with Howard Buffett serving as chairman to guard the company's culture and values.

“Greg runs the company; Howard will guard its culture and values.”

Buffett remained active this year

Even as chairman in 2026, Buffett came to the Omaha office daily and consulted frequently with Abel. He attended the annual meeting in May and revealed in July that he drove Berkshire's $10 billion investment in Alphabet.

Age catching up with the legend

Buffett acknowledged growing limitations from age, noting he moves slowly and reads with difficulty. He broke his leg a few weeks before his July interview but was recovering.

“Though I move slowly and read with increasing difficulty, I am at the office five days a week.”

Berkshire underperforms in 2026

Berkshire shares are up just 1% in 2026 while the S&P 500 has rallied more than 11%. Rising oil prices and investor preference for growth stocks are partly to blame, but shareholders are watching whether Abel can deploy capital as effectively as Buffett.

Massive cash pile awaits deployment

Berkshire has $365.5 billion in cash on hand. Abel has begun stepping up share buybacks, repurchasing $4.5 billion in the second quarter, and shareholders hope he will deploy more of the hoard strategically.

Buffett praises Abel's performance

Buffett wrote that his expectations for Abel were sky high from the start, and Abel has exceeded them. Buffett said the company is in excellent hands and he looks forward to remaining a shareholder.

“My expectations for him were sky high from the start, and he has exceeded them.”