Warren Buffett Steps Down as Chairman of Berkshire Hathaway
Warren Buffett, one of Wall Street's most revered figures, has stepped down as chairman of Berkshire Hathaway. He will now serve as chairman emeritus after turning the reins over to his son Howard Buffett and CEO Greg Abel earlier this year. At age 96, Buffett is transitioning from active leadership in a move that had long been anticipated by investors. Buffett transformed Berkshire from a struggling textile company into a $1.1 trillion conglomerate with major holdings in insurance (GEICO), railroads (Burlington Northern Santa Fe), and consumer brands like Dairy Queen and Coca-Cola, as well as large stakes in Apple, American Express, Bank of America, and others. While Buffett's departure is seen more as a planned succession than an abrupt change, Berkshire has struggled to match its historic performance since he began stepping back. The company’s stock returned 19.8% annually from 1965–2023 but gained just 0.7% in the first nine months of 2026 compared with 11% for the S&P 500.
