Warren Buffett is stepping down as chairman of Berkshire Hathaway, the company said on Friday.

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 Hathaway 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’s investment style was based on long-term value investing rather than short-term speculation, and he focused on businesses and industries he truly understood.

The Forbes Real-Time Billionaires List estimates his net worth at more than $144 billion, making him one of the richest people in the world.

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 Hathaway released a parting letter from Buffett to shareholders, in which he wrote that “Father Time always wins,” but “has, however, been generous with me.”

Read the letter in full here:

To My Fellow Shareholders:

Berkshire has an extraordinary group of shareholders. From the beginning, Charlie and I looked for owners who thought in decades rather than quarters, and we were fortunate to find a great many of you.

Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one. He’s moving a bit faster than I am these days.

I have served Berkshire since 1965. Sixty-plus years in, I still have the best job in the world. That is not something many people my age can say, and I have never felt better about what comes next.

Part of the reason is Greg. My expectations for him were sky high from the start, and he has exceeded them. He has taken hold of the Chief Executive Officer job in every respect. He has been making the decisions that matter for some time now, and I have not had to think twice about any of them.

So the timing is right to complete the transition. I will become Chairman Emeritus and remain a Director. My son, Howard, will succeed me as Chairman.

Howard has been a Berkshire Director for 33 years. That is a longer apprenticeship than I served before taking the reins at the age of 34. Greg runs the company; Howard will guard its culture and values — both worth more than anything on our balance sheet. Think of Howard as a policy the shareholders own and hope never to claim against.

Howard cares deeply about Berkshire, as do all of our Directors. No company has been or will be more shareholder-minded than Berkshire.

Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted. Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands, and I look forward to remaining a shareholder alongside you.

September 18, 2026

Warren E. Buffett