Buffett to step down as Berkshire CEO at year-end: Greg Abel to succeed him
The 94-year-old legendary investor will relinquish command of the conglomerate at the end of 2025, marking the close of a historic era in the business world.
Warren Buffett, chief executive officer of Berkshire Hathaway.
Warren Buffett, the renowned investor, announced Saturday that he will step down as chief executive of Berkshire Hathaway at the end of this year. His successor will be Greg Abel, the company's current vice chairman, whom Buffett has carefully groomed over the years to take over leadership of the conglomerate.
"I think the time has arrived where Greg should become the chief executive of the company at year end," Buffett said at the highly anticipated annual shareholder meeting in Omaha, which drew thousands of investors and admirers.
Although he will formally step down from executive leadership, Buffett assured that he will remain connected to the company he transformed over six decades. He also reiterated that he has no plans to sell his equity stake, which will be donated after his death.
A legacy hard to match
Buffett took control of Berkshire Hathaway in 1965, when it was still a struggling textile company. Together with his partner Charlie Munger - who died in 2023 -, he turned it into one of the most solid and diversified conglomerates in the world, with investments in sectors such as insurance, energy, transportation and mass consumption. Today, the company has a market value in excess of $1 trillion, while Buffett's personal fortune exceeds $168 billion. Despite this, he still resides in the modest Nebraska home he bought in 1958.
His son, Howard Buffett, is also expected to succeed him as non-executive chairman, reinforcing continuity in the group's strategic direction.
The chosen successor: Greg Abel
Greg Abel, 62, has been vice chairman since 2018 and has been a key figure within the conglomerate. His career with the firm dates back to 1992, when he joined MidAmerican Energy, now known as Berkshire Hathaway Energy. His prudent management and in-depth knowledge of the company's operations made him the natural successor.
The leadership transition comes as no surprise to those closest to the so-called "Oracle of Omaha." In 2021, Buffett had already publicly stated that, should anything happen to him, Abel would immediately assume the helm. His appointment only formalizes a long-planned succession.
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