Buffett first announced plans to step away from the company last May.
Expect Berkshire Hathaway to operate slightly differently in Buffett’s absence.
Warren Buffett began buying shares of Berkshire Hathaway (NYSE:BRKA)(NYSE:BRKB) in 1962. He took complete control in 1965.
In the decades to come, Buffett led Berkshire on a truly historic run. The stock averaged 19.7% annual returns — roughly double what the S&P 500 Index garnered over the same time period.
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At the end of last year, Buffett relinquished his role as CEO. Greg Abel took the reigns at the start of 2026. Now, Buffett is stepping down as Chairman of the board. Though, he is retaining a position as Director, as well as the title of Chairman Emeritus.
“Father Time always wins,” Buffett explained in a letter to investors. “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’s legacy in building the Omaha, Nebraska-based Berkshire is unparalleled in corporate America,” observes CNBC. “He took over a failed New England textiles mill at the tender age of 34 and transformed it over the next six decades into a financial and industrial juggernaut with $44.5 billion in operating earnings last year and nearly 400,000 employees.”
How much will Berkshire change without Buffett’s complete oversight? There are two things investors should keep in mind.
Earlier this year, Greg Abel took over as Berkshire’s CEO. Abel has long been known as Buffett’s right-hand man. According to reports, his succession to CEO had been planned since 2021.
“Greg is ready. I have no doubt about that,” notes longtime Berkshire board member, Ron Olson. “We’ve known if for a long time.”
Meanwhile, Buffett’s son, Howard, will take his place as Chairman.
“Greg runs the company; Howard will guard its culture and values — both worth more than anything on our balance sheet,” Buffett explained. “Think of Howard as a policy the shareholders own and hope never to claim against.”
In short, Buffett took plenty of measures to ensure Berkshire’s culture will remain intact far into the future by placing a longtime associate and direct family member at the top of Berkshire’s operating structure.
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Just because there is continuity in culture doesn’t mean that there won’t be changes to Berkshire’s investing style.
In recent years, as Buffett has handed over more control of Berkshire’s portfolio to his lieutenants, Berkshire holdings have moved more heavily into industry’s Buffett traditionally avoided. More than one-third of Berkshire’s current portfolio, for example, is invested in technology stocks.
There might also be a greater emphasis on Berkshire’s core business operations versus equity investing.
“Abel appears to be de-emphasizing the importance of the equity portfolio as a creator of value for Berkshire,” Barron’s reports. “He spends his time on what he does best–operations–and has his hands full given Berkshire’s dozens of operating units.”
Buffett was instrumental in Berkshire’s rise. His decisions — along with those of his late partner, Charlie Munger — made Berkshire into what it is today.
Without Buffett, operational and investment decisions will surely change somewhat. But the core structure of Berkshire remains. Moving forward, it will still operate as a conglomerate of insurance and other businesses, with an equity portfolio managed by trusted Buffett disciples.
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Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy.
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