'Father Time Always Wins': Warren Buffett Steps Down as Berkshire Chairman After 56 Years

Key Points After 56 years as chairman of the board of Berkshire Hathaway, Buffett is stepping down. Buffett's son, Howard, will step into the role after 33 years on the board. This is part of a leadership transition years in the making. 10 stocks we like better than Berkshire Hathaway › Berkshire Hathaway Inc. (NYSE:BRKA) (NYSE:BRKB) announced today that, at 96, Warren Buffett is finally stepping down as chairman of the board after 56 years in the role, effective immediately. In the letter thanking shareholders and explaining his reasoning, the "Oracle of Omaha" remarked, "Father Time always wins." His son Howard Buffett will take over, while Warren becomes chairman emeritus and remains on the board.