Warren Buffett, the legendary investor often referred to as the Oracle of Omaha, has stepped down as chairman of Berkshire Hathaway, marking a significant milestone in the company’s long-anticipated leadership transition. At 96 years old, Buffett will continue to serve as chair emeritus, while his elder son, Howard Buffett, assumed the role of chairman as part of the succession plan announced recently.
Buffett, who took control of Berkshire Hathaway in 1965 when it was a struggling textile manufacturer based in Massachusetts, transformed the company into a diversified empire with a market value now exceeding one trillion dollars. Under his leadership, the company expanded through numerous acquisitions primarily in less glamorous sectors such as aerospace components and food distribution. Berkshire Hathaway’s portfolio also includes a vast cash reserve of more than US$360 billion and stakes in major corporations including Apple, Bank of America, American Express, and Coca-Cola.
The leadership transition has been gradual. Buffett retired from his role as CEO at the end of 2025, handing over operational control to Greg Abel, a seasoned Berkshire executive who previously managed the company’s non-insurance businesses. Abel’s early tenure as CEO has seen Berkshire maintain Buffett’s investment philosophy and strategic approach, including notable moves such as the US$6.8 billion acquisition of home-builder Taylor Morrison and substantial share repurchases.
Buffett’s successor as chairman, Howard Buffett, has been involved with Berkshire Hathaway as a director since 1993. Warren Buffett has emphasized that Howard’s primary responsibility is to safeguard the company’s culture and values, which he considers to be more valuable than any financial asset on the balance sheet.
Warren Buffett credited Abel for his steady leadership and expressed confidence in the company’s future under the new arrangement. “He has been making the decisions that matter for some time now, and I have not had to think twice about any of them,” Buffett wrote in his recent letter to shareholders.
Buffett’s investment philosophy, centered on value investing and famously summarized by the maxim, “Be fearful when others are greedy and greedy when others are fearful,” shaped Berkshire’s enduring success. The company’s share price appreciation from 1965 to 2024 has been extraordinary, rising approximately 5,500,000%. Buffett’s annual letters to shareholders, blending investment insights with personal reflections, have been widely regarded and anticipated both on Wall Street and beyond.
Despite some missteps, such as the high-profile merger between Kraft and Heinz, Buffett’s influence on American business remains unparalleled. Since the death of his longtime partner Charles T. Munger in 2023, Buffett has been increasingly focused on orchestrating the company’s future leadership while preserving the legacy he built over nearly six decades. Berkshire Hathaway’s annual shareholders’ meetings continue to draw tens of thousands of investors, underscoring the enduring appeal of Buffett’s investment approach and company stewardship.