Berkshire Hathaway is preparing for a major leadership transition as its legendary figurehead, Warren Buffett, announced he will step down as CEO by the end of 2025. In a unanimous vote on Sunday, the board confirmed that Greg Abel, the company’s vice chairman overseeing non-insurance businesses, will take the helm as CEO starting January 1, 2026.
Buffett, now 94, surprised shareholders—and even Abel himself—by revealing the decision during the final minutes of Berkshire’s annual shareholder meeting on Saturday. While the billionaire investor made it clear he would pass on operational and capital allocation responsibilities to Abel, he also confirmed he won’t be stepping away entirely. Buffett will retain his role as chairman of the board, ensuring his strategic guidance and influence remain within reach.
“I think I can still add value, especially when major opportunities present themselves,” Buffett said, alluding to the firm’s vast $347 billion cash reserves and potential market volatility that could yield acquisition chances.
Despite weekend news of weaker-than-expected earnings and growing trade-related uncertainty, Berkshire shares showed resilience. The stock dipped a modest 2% in premarket trading but had just closed at an all-time high on Friday, valuing the conglomerate at over $1.1 trillion.
Abel, 62, was named Buffett’s successor back in 2021, and Sunday’s board vote officially seals the plan for a smooth transition. The decision was first reported by CNBC’s Becky Quick early Monday.
With the “Oracle of Omaha” remaining as a steady hand on the board and Abel poised to lead, Berkshire Hathaway enters its next chapter with continuity and confidence.
Written By Queen Diana Story
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