Warren Buffett stepping down as chairman of Berkshire Hathaway: 'Father Time always wins'

Warren Buffett is stepping down as chairman of Berkshire Hathaway after leading the $1 trillion conglomerate since 1965. The 96-year-old investor cited the reality that "Father Time always wins" in announcing the leadership transition. His son, Howard Buffett, will assume the chairman role in accordance with a long-standing succession plan detailed by the company.

The move marks the end of a nearly six-decade tenure in which Buffett transformed Berkshire Hathaway from a struggling textile manufacturer into one of the world's most valuable companies. While the announcement provides clarity on the chairman succession, Berkshire has previously outlined that Greg Abel, vice chairman for non-insurance operations, is the designated successor for the CEO position.

The transition comes as Buffett remains one of the most closely watched figures in global markets, with investors scrutinizing Berkshire's quarterly moves in equity holdings and his annual shareholder letters for investment insight. Howard Buffett currently serves on Berkshire's board and has been positioned as the culture guardian to preserve the company's decentralized operating philosophy.