Warren Buffett Just Stepped Down as Berkshire Chairman, Saying Father Time Always Wins

Warren Buffett is stepping down as chairman of Berkshire Hathaway, effective immediately. CNBC reported the move on 18 September 2026, the same Friday Berkshire issued a company announcement and shareholder letter. Axios covered the succession the same morning.

The move is a planned succession, laid out in a Buffett letter to shareholders.

Buffett, 96, becomes chairman emeritus and remains a director, while his son Howard G. Buffett, a Berkshire director since 1993, becomes chairman under a long-standing succession plan. Susan Decker remains lead independent director. Greg Abel already runs the company as CEO after Buffett announced that handoff at the May 2025 annual meeting and Abel took the job in early 2026.

In the letter Buffett wrote, "Father Time always wins. He has, however, been generous with me." He also wrote that Greg runs the company and Howard will guard its culture and values, both worth more than anything on the balance sheet. Abel said Howard will be the guardian of that culture.

CNBC described Berkshire as a roughly $1 trillion conglomerate Buffett has led since 1965, with a 19.7 percent compounded annual return, nearly double the S&P 500. CNBC said the stock is up just 1 percent in 2026 while the S&P 500 has rallied more than 11 percent. Early coverage called the market reaction muted.

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