Warren Buffett is stepping down as chairman of Berkshire Hathaway after more than 50 years in the role, the company announced Friday. The 96-year-old legendary investor, often called the Oracle of Omaha, will become chairman emeritus effective immediately while remaining a member of the board of directors. His son, Howard Buffett, a Berkshire director since 1993, has been elected as the new chairman under a long-standing succession plan. Greg Abel, who took over as chief executive officer on January 1, 2026, will continue to lead day-to-day operations. Susan Decker remains lead independent director. In a letter to shareholders released Friday, Buffett wrote, "Father Time always wins. 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." On his son's new role, Buffett wrote, "Greg runs the company; Howard will guard its culture and values – both worth more than anything on our ba...