Warren Buffett, the 96-year-old investor known as the "Oracle of Omaha," has formally stepped down as chairman of Berkshire Hathaway, completing one of the most closely watched leadership transitions in American corporate history. His son Howard Buffett, 71, will assume the chairmanship, while Buffett himself moves into the role of chairman emeritus, remaining on the board to offer what he described as his "judgement and perspective." In a letter to shareholders, Buffett wrote that it had been the "privilege of a lifetime" to serve in the role, adding with characteristic understatement: "Father Time always wins."

The handover marks the final stage of a gradual succession. Buffett had already passed the chief executive role to Greg Abel, a Canadian manager who has worked within the company for more than two decades, with Abel now overseeing corporate strategy and capital allocation. Howard Buffett, who has served on the Berkshire board since 1993 and leads a foundation focused on global food security and conflict resolution, will concentrate on safeguarding the firm's culture rather than its day-to-day finances. "The culture Warren has built and the values he has championed will continue to form the heart of Berkshire," Abel said, "and Howard will be their guardian."

Buffett's story is one of the most remarkable in modern business. He took control of Berkshire Hathaway in 1965 when it was a failing textile mill in New England and transformed it into a $1.1 trillion global conglomerate. The company today owns a wide portfolio of well-known brands — including GEICO car insurance, the Dairy Queen fast-food chain, and the BNSF railway network — alongside major stakes in Apple, Coca-Cola, and American Express. His investment philosophy, known as "value investing," centred on identifying companies with strong fundamentals and holding them for the long term, a discipline he refined alongside his late business partner Charlie Munger, who died in 2023.

Beyond his financial record, Buffett became a singular public figure. His annual shareholder letters and meetings — events he himself dubbed the "Woodstock of capitalism," drawing crowds who camped overnight for good seats at an arena in Omaha, Nebraska — turned him into a mentor to generations of investors. Despite an estimated personal fortune of around $148 billion, he continued to live in the same modest house in Omaha he bought in the 1950s for roughly $31,500, and has donated tens of billions to charitable causes over the years, including a record $6 billion gift to various foundations last year alone.

The transition is widely described as orderly and long-planned rather than abrupt, and the company moved quickly to reassure investors that operations will remain stable. Buffett himself expressed confidence in what lies ahead. "The company is in excellent hands," he wrote, "and I look forward to remaining a shareholder alongside you." After more than 60 years, the most influential chapter in Berkshire Hathaway's history has quietly, deliberately closed.