Legendary investor Warren Buffett is stepping down as chairman of Berkshire Hathaway after more than five decades, marking the end of an era for one of Wall Street's most storied companies. In a statement, Berkshire Hathaway said Buffett had been named chairman emeritus, effective immediately, and will remain a member of the board of directors.
He will be replaced as chairman by his son, Howard Buffett, the release said. The elder Buffett gained control of Berkshire in 1965, when it was a New England textile manufacturer, and transformed it into a conglomerate that eventually became one of the world's largest public companies.
Buffett, who turned 96 in August, became chairman and CEO in 1970 and has made billions by investing in stocks like Coca-Cola and buying businesses like Geico. Buffett specialized in long-term value investing rather than short-term speculation, and focused on businesses and industries he truly understood.
He's gifted more than half of his Berkshire stock to good causes but still owns more than $140 billion worth, making him one of the world's wealthiest people. All signs pointed to his legacy living on. • Warren Buffett says he might be one of the 10 luckiest people on the planet • 6 highlights from Warren Buffett's final year as Berkshire Hathaway CEO Buffett officially stepped down as CEO of Berkshire on January 1, after revealing his resignation plans to Berkshire shareholders at an annual meeting in Omaha in May 2025.
Berkshire released a parting letter from Buffett to shareholders, in which he wrote that "Father Time always wins," but has "been generous with me." Read the letter in full here: