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Image source,  Getty Images  Image caption,  Howard Buffett's main duty as chairman will be guarding the firm's "culture and values."       By Francisco Velasquez Business reporter ,  Reporting from New York      Published 5 hours ago           Warren Buffett has stepped down as chairman of Berkshire Hathaway, handing over leadership to his son Howard in the final chapter of a long-planned transition at the US business giant.   At 96, the world-famous investor will move into an advisory role as chairman emeritus and remain on the company board to offer his "judgement and perspective", according to a (https://www.berkshirehathaway.com/news/sep1826.pdf) letter to shareholders, external  .  The decision comes nine months after Buffett passed the chief executive role to Greg Abel, with his son, Howard, who has been a director since 1993, taking over non-executive board duties.  Known as the "Oracle of Omaha," Buffett built one of the most (https://www.bbc.co.uk/news/business-67562529) successful investment track records in modern history.  He took control of Berkshire Hathaway in 1965 when it was a struggling New England textile mill and turned it into a $1.1 trillion (£822b), global conglomerate.  Today, the business owns a wide range of well-known brands including GEICO car insurance, Dairy Queen, and BNSF railway system. It also owns large stakes in companies like Apple and Coca-Cola – a brand close to Buffett's heart, as he famously drinks five cans a day.  Buffett has made his mark through "value investing" – a strategy focused on finding (https://www.bbc.co.uk/news/articles/c8x2x549vgdo) companies with solid fundamentals , buying them at fair prices, and holding them for decades.  His annual letters to shareholders and festival-like annual meetings turned him into a (https://www.bbc.co.uk/news/articles/cz97wx2zj78o) leading mentor across the financial world .  Despite his retirement from the top board post, the change is considered an (https://www.bbc.co.uk/news/articles/cqj4nev7p70o) orderly passing of the baton rather than a sudden shock.  "The timing is right to complete the transition," Buffett wrote, noting he had recently celebrated his 96th birthday and the first birthday of one of his great-grandchildren, who is "moving a bit faster" than he is.  The company assured investors that day-to-day operations will remain steady.  While Greg Abel manages corporate strategy and capital decisions, Howard Buffett's main duty as chairman will be guarding the firm's "culture and values". A former farmer, philanthropist, and sheriff, the younger Buffett brings more than three decades of board experience to the role. Buffett concluded his letter by saying it had been the "privilege of a lifetime" to serve as chairman, but acknowledged that in the end, "Father Time always wins".      Related topics  (https://www.bbc.co.uk/news/topics/cqye1g4j7xgt) Warren Buffett  (https://www.bbc.co.uk/news/business/companies) Companies  (https://www.bbc.co.uk/news/topics/cewrlqz7xygt) Berkshire Hathaway Inc.  (https://www.bbc.co.uk/news/topics/cx1m7zg01xyt) United States        More on this story (https://www.bbc.co.uk/news/articles/cz97wx2zj78o) Buffett calls Bill Gates relationship with Epstein 'distasteful'     Published 15 July          (Warren Buffett, Berkshire Hathaway Inc. chairman, right, talks with Bill Gates, billionaire and co-chair of the Bill and Melinda Gates Foundation, as they tour the exhibition floor during the Berkshire Hathaway Inc. annual shareholders meeting in Omaha, Nebraska, U.S., on Saturday, May 2, 2015.)          (https://www.bbc.co.uk/news/articles/c8x2x549vgdo) Billionaire Warren Buffett stops donations to Bill Gates charity     Published 14 July          (Warren Buffett and Bill Gates attend the Forbes' 2015 Philanthropy Summit Awards Dinner on June 3, 2015 in New York City)          (https://www.bbc.co.uk/news/articles/cqj4nev7p70o) Warren Buffett, 94, stepping down as Berkshire Hathaway CEO     Published 3 May 2025          (Warren Buffett,)                (vertical video collection) The video playlist   Watch our pick of standout clips from across the BBC      Previous     Next         0:44 KSI leads tributes to rapper Sway who has died aged 44. 00:00:44, play video KSI leads tributes to rapper Sway who has died aged 44    (Sway in a black jacket and white t-shirt)           1:45 'I've had a mastectomy when it wasn't needed' 00:01:45, play video 'I've had a mastectomy when it wasn't needed'    (A woman with shoulder-length greying hair talks to someone off-camera)           1:12 'Putney pusher' suspect's sisters say he was innocent. 00:01:12, play video 'Putney pusher' suspect's sisters say he was innocent    (CCTV of a man in a grey T-shirt and blue shorts running)           1:29 Could YouTube replace driving instructors? 00:01:29, play video Could YouTube replace driving instructors?    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