Warren Buffett has stepped down as chairman of Berkshire Hathaway with immediate effect, concluding more than 60 years at the helm of the investment giant he built into a $1.03 trillion conglomerate.

The 96-year-old investor has handed the chairmanship to his 71-year-old son, Howard Buffett, who has served as a Berkshire director since 1993, according to a company announcement and a shareholder letter reviewed by the Daily Mail.

Buffett will take on the honorary title of chairman emeritus and remain a member of the board of directors, continuing to offer advice and perspective to the leadership team.

In his letter to shareholders, Buffett reflected plainly on his age: "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."

Buffett described leading the company as the "privilege of a lifetime" and said he looked forward to remaining a shareholder. He noted that he recently celebrated his 96th birthday with family and friends, including a one-year-old great-grandchild who is "moving a bit faster than I am these days."

The handover completes a broader management transition that began eight months ago, when Greg Abel succeeded Buffett as chief executive. Buffett praised Abel in his letter, writing that Abel had exceeded his "sky high" expectations and had already taken full charge of key business decisions without needing second-guessing.

In a statement on Friday, Abel said the culture and values Buffett championed would remain central to Berkshire, with Howard serving as their guardian. Abel also thanked lead independent director Sue Decker for her ongoing board leadership.

Since taking control of Berkshire in 1965, Buffett transformed a struggling textile mill into an empire spanning insurance giant Geico, battery maker Duracell, and fast-food chain Dairy Queen, vastly outperforming the S&P 500 over decades.

His trading moves have consistently shaped global markets. In late 2024, Berkshire acquired $563 million worth of shares across Occidental Petroleum, Sirius XM, and VeriSign. His expansion into five Japanese trading houses in 2025 sent their share prices sharply higher, whereas regulatory filings in February 2025 showing a reduced stake in healthcare provider DaVita triggered an 11 per cent drop in its shares.

While Berkshire has prepared for this succession for years, seeing the transition formally take effect is a milestone for global finance. I will be watching closely to see how the market reacts and how actively Buffett continues to advise the board in his emeritus role — check back for updates.