Business
The 96-year-old legendary investor stepped down as chairman on September 18 2026 after holding the role since 1970. His son Howard will become chairman. Greg Abel runs the company. Berkshire sits on a $365.5 billion cash hoard.
NewsOnScale Staff
September 20, 2026
Warren Buffett stepped down as chairman of Berkshire Hathaway on September 18 2026 — ending a role he had held since 1970. The 96-year-old legendary investor will become chairman emeritus and remain on the board. His son Howard Buffett, a board member since 1993, will take over as chairman.
Father Time always wins, Buffett wrote in a letter to shareholders announcing the news.
What Buffett Built
Buffett took control of Berkshire Hathaway in 1965. Since then the company's share price rose more than 5,500,000 percent — nearly double the compounded annual return of the S&P 500 over the same period. Berkshire is now worth approximately $1 trillion and owns BNSF railroad, Geico, Fruit of the Loom, Benjamin Moore, Duracell, Dairy Queen, and dozens of other household brands. Apple is its largest single holding at approximately $80 billion.
Buffett stepped down as CEO late last year, handing that role to Greg Abel. His September 18 resignation as chairman completes the transition.
What He Said
In his letter to shareholders Buffett praised Abel and described the handoff with characteristic plainness.
Greg runs the company; Howard will guard its culture and values — both worth more than anything on our balance sheet, Buffett wrote. Think of Howard as a policy the shareholders own and hope never to claim against.
On Abel specifically: My expectations for him were sky high from the start, and he has exceeded them.
Berkshire currently sits on a $365.5 billion cash hoard. Abel has begun deploying some of it — stepping up share repurchases to $4.5 billion in the second quarter.
What He Leaves Behind
Buffett became one of the world's most influential advocates for higher taxes on the wealthy — arguing for years that it was wrong that he paid a lower effective tax rate than his secretary. The Buffett Rule, which would have imposed a minimum 30 percent effective tax rate on people earning more than $1 million annually, became a major policy talking point in 2012. Congress rejected it.
His net worth today stands at approximately $145 billion. He has pledged to give virtually all of it away through the Bill and Melinda Gates Foundation and family foundations.
Warren Buffett has been the most visible symbol of long-term value investing in American business for more than half a century. His departure from the chairman role — even in title only — is the end of an era in American finance.
DISCLOSURE: NewsOnScale is an independent media publication owned and operated by AMILLI AI CORP. JJ Johnson is the founder of AMILLI AI CORP and a declared candidate for President of the United States in 2028.