Warren Buffett abruptly steps down as Berkshire chair as ‘Father Time’ wins, handing role to son Howard who will ‘guard its culture and values’

Investing legend Warren Buffett further pared back his role at Berkshire Hathaway, announcing Friday that he has stepped down as the conglomerate’s chairman.

In a letter to shareholders, he suggested his age, 96, weighed on his decision, saying that one of his great grandchildren just turned 1, and is “moving a bit faster than I am these days.”

“Serving as your Chairman has been the privilege of a lifetime, and I have never taken your trust for granted. Father Time always wins. He has, however, been generous with me,” he added later.

Berkshire’s class B shares dipped 0.3% on Friday and are up 1% so far this year, significantly lagging behind the S&P 500’s 11.5% year-to-date gain as investors have cooled on the stock while chasing the AI trade.

In January, Buffett officially relinquished the CEO job to Greg Abel after six decades at the helm, following his announcement of the change in May 2025. But his transition from chairman to chairman emeritus is much more abrupt and is effective immediately.

He will continue to serve as a........

© Fortune