Warren Buffett has stepped down as chairman of Berkshire Hathaway, effective immediately, closing out a tenure in the role that stretched back to 1970. The 96-year-old investor, long known as the Oracle of Omaha, will now carry the title of chairman emeritus while remaining on Berkshire's board as a director. Taking his place is his son, Howard Buffett, a Berkshire director since 1993 who runs his own philanthropic foundation and has been the designated successor to the chairmanship for years under a long-standing succession plan. In a letter to shareholders, Buffett struck a reflective tone, writing that Father Time always wins, while expressing confidence that Berkshire is positioned for what lies ahead.

The move marks the latest step in a leadership transition that has unfolded gradually and deliberately. Buffett stepped away from the CEO role last year, handing operational control to longtime Berkshire executive Greg Abel, while continuing to hold the chairmanship himself. With Howard now installed as chairman, Berkshire's leadership structure is effectively complete: Abel running day-to-day operations, Howard safeguarding the culture and values Buffett spent six decades building, and Warren shifting fully into the role of elder statesman and shareholder. Buffett built Berkshire from a failing textile mill into one of the largest conglomerates in the world, and even in his final stretch atop the company remained an active investor, notably steering Berkshire into a multibillion-dollar stake in Alphabet earlier this year.