Warren Buffett, 96, is stepping down as chairman of Berkshire Hathaway after leading the $1 trillion conglomerate since 1965, becoming chairman emeritus while his son Howard assumes the role. CEO Greg Abel, who took over in 2025, will continue running operations while Howard serves as guardian of the company's culture and values. Buffett cited his advancing age, noting "Father Time always wins," but expressed confidence in Berkshire's future.