Warren Buffett, 96, has stepped down as chair of Berkshire Hathaway after 60 years leading the company's transformation from a failing textile manufacturer into a $1 trillion conglomerate. His son Howard, 71, takes over as chair, whilst Buffett remains as chair emeritus and board director. This marks a significant generational transition at one of the world's most influential investment firms, following Buffett's step down as CEO in May 2025.

Buffett, known as the "Oracle of Omaha", cited his age as the reason for stepping aside, noting that his one-year-old great-grandchild is now "moving a bit faster than I am these days". Berkshire Hathaway owns dozens of companies across construction, manufacturing, consumer goods and insurance, and holds major stakes in some of the world's largest firms, including Nvidia, Apple, Amazon, Alphabet and Meta. Greg Abel, the company's vice-chair, replaced Buffett as CEO last year. Howard, Buffett's second child, had long been designated his successor and has served on the board since 1993.