Warren Buffett, the 96 year old investor, ended his leadership of the board at Berkshire Hathaway on Friday to become chairman emeritus. His son, Howard, takes the position effective immediately after a 33 year apprenticeship as a director. Buffett wrote in a letter to shareholders that "Father Time always wins" and that the company is in "excellent hands."

Greg Abel remains the chief executive officer of the $1 trillion conglomerate, having taken the post at the start of 2026. The founder will continue as a director to provide guidance and advice, while Susan Decker maintains her position as lead independent director. This transition follows a long standing succession plan implemented as Buffett's career with the firm nears 61 years.