Buffett, who began buying Berkshire Hathaway shares in 1962 and took full control in 1965, said in a letter to investors that “Father Time always wins,” but added that he is grateful to have overseen the company reach a point where he is “more confident than ever about what lies ahead.”
Greg Abel, long‑time right‑hand man to Buffett, assumed the chief‑executive role at the start of 2026 after a succession plan that had been in place since 2021, according to board member Ron Olson, who said, “Greg is ready. I have no doubt about that.”
Buffett’s son, Howard Buffett, will replace his father as chairman, a move Buffett described as a safeguard for Berkshire’s culture and values, saying, “Greg runs the company; Howard will guard its culture and values – both worth more than anything on our balance sheet.”
During Buffett’s tenure, Berkshire’s stock delivered an average annual return of 19.7%, roughly double the S&P 500’s performance over the same period, and the firm grew to generate $44.5 billion in operating earnings last year with nearly 400,000 employees worldwide.
Analysts note that while cultural continuity appears secured, the investment style may evolve. Under Abel, Berkshire has been de‑emphasizing its equity portfolio in favor of operating its dozens of businesses, and the company’s holdings now include more than one‑third in technology stocks—sectors Buffett traditionally avoided.
The transition marks the end of an era for the Omaha‑based conglomerate, but the core structure—insurance, industrial operations, and a diversified equity portfolio managed by Buffett’s trusted lieutenants—remains intact.