Warren Buffett is stepping down as chairman of Berkshire Hathaway after serving in the role for more than 50 years, the company announced on September 18, 2026. The move marks the end of an era for one of the most closely watched figures in global business.

His son, Howard Buffett, will replace him as chairman, as dictated by a long-standing succession plan, Berkshire said. According to CNBC, the change reflects arrangements the company had prepared over many years.

Buffett will become chairman emeritus immediately, according to Al Jazeera, while Howard steps into the top role. NPR reported that Buffett had held the chairmanship for more than five decades before the handover.

The transition brings to a close a remarkable tenure that began in 1965, when Buffett took control of what the BBC described as a struggling textile mill. Over the following decades, he grew Berkshire Hathaway into a global conglomerate.

The announcement was accompanied by the phrase ‘Father Time always wins,’ a line that has featured prominently in coverage of Buffett’s decision across multiple outlets, reflecting the acknowledgment that the long-serving chairman is passing on his responsibilities.

With the succession plan now activated, attention turns to how Howard Buffett will lead the company his father built over six decades.