On September 18, Warren Buffett, the former chairman of Berkshire Hathaway, addressed shareholders in a letter confirming that the company has finalized the next phase of leadership transition. He has moved to the role of honorary chairman while retaining his seat on the board, with his son Howard Buffett stepping in as chairman and Chief Executive Officer Greg Abel continuing to oversee daily operations.

Buffett noted that Abel has effectively been making pivotal decisions for some time and has exceeded all expectations, while Howard's primary duty will be preserving the corporate culture and core values of Berkshire. After leading the conglomerate for more than six decades, Buffett stated that the moment is right to complete this handover, and he expressed greater confidence in the company's future than ever before.

Where to start

Berkshire is fortunate to have an extraordinary group of shareholders. From the very beginning, Charlie and I sought owners who think in terms of decades, not quarters, and we have been lucky to find many such individuals.

Recently, I celebrated my 96th birthday with family and friends, including a one-year-old great-grandchild who, amusingly, can now outpace me in walking. I have been with Berkshire since 1965, and over sixty years later, I still feel I hold the finest job in the world—a claim few my age could make. Yet, I have never been more at ease about what lies ahead.

One major reason for this comfort is Greg. From the outset, my expectations for him were impossibly high, and he has surpassed them all. He has truly assumed the full scope of CEO responsibilities; in fact, for a while now, every significant decision has been his, and I have never hesitated over any of them. That is why this is the perfect moment to finalize the transition.

I am moving to honorary chairman and remaining a director, with my son Howard succeeding me as chairman. Howard has served on the Berkshire board for 33 years, an apprenticeship even longer than the one I had before taking the helm at age 34. Greg manages operations; Howard safeguards the culture and values, which are more precious than any asset on our balance sheet. Think of Howard as a policy held by all shareholders—one we hope never needs to be claimed. He cares deeply about Berkshire, as do all our directors; no company has ever, or will ever, prioritize its shareholders more.

Serving as your chairman has been the honor of a lifetime, and I have never taken your trust for granted. Time will eventually win, but it has been generous to me, granting me the chance to witness Berkshire's rise and to feel more certain about its future than at any point before. The company is in highly capable hands, and I look forward to continuing as a fellow shareholder, walking alongside all of you.

September 18, 2026
Warren E. Buffett