Warren Buffett is stepping down as chairman of Berkshire Hathaway , the sprawling conglomerate worth $1 trillion that he has led since 1965. The 96-year-old legendary investor announced the move in a letter to shareholders Friday.

Buffett will become chairman emeritus, effective immediately, while remaining a director on the board, the company said in a separate announcement. His son, Howard Buffett, will replace him as chairman as dictated by a long-standing succession plan, Berkshire said. Susan Decker will continue as lead independent director.

"Father Time always wins," wrote Buffett. "He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead."

His decision comes a little more than nine months after Greg Abel, 64, took over as CEO while Buffett retained the chairmanship. Buffett first announced his exit as CEO at Berkshire's annual meeting in May 2025, shocking the crowd of thousands at the time despite his advanced age.

"The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian," said Abel in the company release.

"Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet," wrote Buffett. "Think of Howard as a policy the shareholders own and hope never to claim against."

Buffett's legacy in building the Omaha, Nebraska-based Berkshire is unapparelled in corporate America, taking over a failed New England textiles mill at the tender age of 34 and transforming it over the next six decades into a financial and industrial juggernaut with $44.5 billion in operating earnings last year and nearly 400,000 employees. Berkshire under Buffett's tenure posted a 19.7% compounded annual return to shareholders, nearly double the return of the S&P 500.