Key facts
- Howard Buffett has been named the new chairman of Berkshire Hathaway.
- Warren Buffett stepped down as executive chairman and was named chairman emeritus.
- Warren Buffett, 96, cited his age as a major factor in his decision to step down.
- Greg Abel, previously vice chairman, replaced Warren Buffett as CEO in spring 2025.
- Howard Buffett has been a Berkshire director since 1993.
Berkshire Hathaway announced Friday that Warren Buffett, 96, has stepped down as executive chairman, with his son Howard Buffett, 71, taking over the role. Warren Buffett will serve as chairman emeritus and remain on the board of directors, offering his judgment and perspective. The move follows Buffett's decision to step down as CEO less than a year prior, citing his age. Greg Abel, previously vice chairman, assumed the CEO position in spring 2025. Howard Buffett has been a director at Berkshire Hathaway since 1993 and previously served on the boards of several other companies, including The Coca-Cola Company. Warren Buffett transformed Berkshire Hathaway from a struggling textile maker into a conglomerate valued at $1.16 trillion over his 60-year tenure.