# Expert Opinion

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Warren Buffett Hands Berkshire Chairmanship to Son Howard The Announcement Berkshire Hathaway said Friday that Warren Buffett, 96, has become chairman emeritus, effective immediately. He remains on the board. His son Howard, a director since 1993, was elected chairman, and Susan Decker continues as lead independent director. Buffett had chaired the company since 1970. What It Means for Berkshire The change completes a handoff that began when Greg Abel became CEO on January 1. In a letter to shareholders, Buffett wrote that Abel runs the company while Howard guards its culture and values. He said Abel has been making the key decisions, so day-to-day operations aren't expected to change. Buffett's Legacy Buffett took control in 1965, when Berkshire was a struggling textile maker. It's now a roughly $1 trillion conglomerate spanning insurance, railroads, energy and manufacturing, with $44.5 billion in operating earnings last year. CNBC reports a 19.7% compounded annual return under his leadership, nearly double the S&P 500's. He also shaped investing culture with patient, value-minded buying, candid annual letters and a yearly Omaha shareholder meeting that draws thousands. Howard Buffett Takes the Chair Howard Buffett, 71, is a farmer and philanthropist who has led the Howard G. Buffett Foundation since 1999 and served 17 years on Coca-Cola's board. He has said the chairmanship is non-executive, that his job is to support Abel, and that it will mean fewer overseas trips. Warren Buffett noted that Howard's 33 years on the board are a longer apprenticeship than his own. Analysis: Challenges and Continuity Everything below is interpretation, and none of it has been announced. Continuity looks strong. Warren stays as a director and shareholder, Abel keeps the CEO seat, and Decker keeps her independent role. The shift is one of emphasis, with the chair moving from Berkshire's chief decision-maker to a guardian of its principles. Expectations for Howard center on preserving culture and backing Abel. Challenges could include governance questions when a founder's son holds the chair, and investor patience, since some analysts describe a wait-and-see mood around the stock. Sources   Berkshire Hathaway news release: https://www.berkshirehathaway.com/news/sep1826.pdf NPR (Associated Press): https://www.npr.org/2026/09/18/nx-s1-5973852/warren-buffett-steps-down Related Videos CNBC video, "Warren Buffett steps down as chairman of Berkshire Hathaway: 'Father Time always wins'": https://www.youtube.com/watch?v=xaP2jtGrIUI "End Of Era: Warren Buffett Steps Down As Berkshire Hathaway Chairman | What Happens Next?": https://www.youtube.com/watch?v=lk7JeJinj20