In a landmark announcement at Berkshire Hathaway’s 60th annual shareholder meeting in Omaha, Warren Buffett revealed his plan to step down as CEO by the end of 2025. Buffett, 94, intends to recommend to the company’s board that Greg Abel, the current vice chairman overseeing non-insurance operations, be appointed as his successor.
Buffett described the decision as timely, stating, “I believe the moment has come for Greg to assume the role of chief executive officer of the company by year’s end”. The news surprised many shareholders, as Buffett had previously expressed no plans to retire. Only two board members-his children Susie and Howard-were aware of the upcoming announcement before the meeting, and Abel himself was caught off guard by the revelation during the event.
Greg Abel, 62, has been with Berkshire Hathaway since 1999, initially leading its energy subsidiary, Berkshire Hathaway Energy. Since 2018, he has served as vice chairman responsible for the company’s non-insurance businesses, including utilities, railways, and retail. Abel has long been identified as Buffett’s heir apparent, with Buffett publicly endorsing him as a capable leader who will maintain Berkshire’s legacy.
Buffett assured shareholders that he will remain involved in some capacity to support the company during the transition but emphasized that the ultimate authority will rest with Abel. He also confirmed he has no intention of selling any Berkshire shares, underscoring his confidence in Abel’s leadership and the company’s future prospects.
This transition marks the end of Buffett’s extraordinary six-decade tenure, during which he transformed Berkshire Hathaway from a struggling textile firm into a $1.2 trillion conglomerate with a diverse portfolio spanning insurance, railroads, utilities, and technology investments. The annual meeting, often dubbed “Woodstock for Capitalists,” once again drew thousands of shareholders eager to hear Buffett’s insights on markets, investing, and the economy.
Buffett’s parting words at the meeting reflected his optimism for the company’s future under Abel’s stewardship: “I think the prospects of Berkshire will be better under Greg’s management than mine”.
This announcement signals a historic leadership change at one of the world’s most influential investment firms, ensuring continuity while closing a remarkable chapter in American business history.
