Instead, the 96-year-old will become "chairman emeritus" of the company, while his son Howard Buffett will take over as chairman of the board.
"Warren's importance to Berkshire and its owners is unparalleled in American corporate history. The culture Warren built and the values he espoused will remain at the core of Berkshire, and Howard will be their guardian," CEO Greg Abel said in a statement.
Warren Buffett will remain a board member of the company.
Berkshire Hathaway is one of the largest stockholders in the United States, with large holdings in companies such as Bank of America and Apple in its portfolio.
