Buffett becomes chairman emeritus and stays on as a director, while his son Howard G. Buffett takes over as chairman effective immediately. The change follows Greg Abel's appointment as CEO earlier in 2026 and aligns with a long-planned succession for the $1 trillion Omaha conglomerate Buffett has led since 1965.
In his September 18 letter, Buffett praised Abel's leadership and Howard's role in preserving the company's culture, noting the structure splits operations, board oversight, and independent direction clearly. Abel called Buffett's impact unmatched in American business history.