After six decades at the helm, 96-year-old investor Warren Buffett has stepped down as chairman of Berkshire Hathaway, with his son, Howard, succeeding him in the role.

Warren Buffett has officially stepped down as chairman of Berkshire Hathaway, concluding a leadership tenure that spanned six decades. The 96-year-old investor, widely known as the "Oracle of Omaha," will transition into an advisory role as chairman emeritus while remaining on the company's board. His son, Howard Buffett, who has served as a director since 1993, has been appointed as the new chairman to oversee the firm's culture and values.

Transition of Leadership

The move marks the final stage of a long-planned succession strategy at the investment conglomerate. Buffett previously stepped down as chief executive officer in May 2025, a role now held by Greg Abel, who manages corporate strategy and capital decisions. In a letter to shareholders, Buffett noted that the timing was appropriate for the transition, acknowledging that "Father Time always wins" while expressing confidence in the company's future direction.

Building a Global Conglomerate

Buffett took control of Berkshire Hathaway in 1965 when it was a struggling New England textile mill. Under his leadership, the firm evolved into a $1 trillion global conglomerate with diverse holdings in sectors including insurance, manufacturing, and consumer goods. The company owns brands such as GEICO, Dairy Queen, and the BNSF railway system, while maintaining significant stakes in major corporations like Apple, Coca-Cola, Nvidia, Amazon, Alphabet, and Meta.