Warren Buffett announced he will step down as CEO of Berkshire Hathaway at the end of the year. The company’s board voted unanimously to name Greg Abel as the new CEO starting January 1, 2026. Buffett, 94, will remain as chairman to assist where needed.
🌍 Global Tributes Pour In as Warren Buffett Steps Down
An era ends at Berkshire Hathaway. Top CEOs—Brian Moynihan, Jamie Dimon & Tim Cook—pay homage to the Oracle of Omaha, hailing his wisdom, integrity & unmatched legacy.#WarrenBuffett #BerkshireHathaway #BuffettLegacy… pic.twitter.com/7qbW2k2sUv
— ET NOW (@ETNOWlive) May 5, 2025
Buffett made the announcement during the final minutes of the annual shareholder meeting on Saturday. He stated that while he will no longer be CEO, he intends to stay on as chairman.
#BerkshireHathaway | CASH IS KING! Berkshire Hathaway now holds $347.7B in cash — more than 150 countries’ GDPs, 69x avg S&P 500 cash, & enough to run the US govt for 16 days or feed the world for 8.5 years!#Buffett #Berkshire #Markets #CashIsKing #Finance #Investing pic.twitter.com/w307z9Ep9v
— ET NOW (@ETNOWlive) May 5, 2025
The final word on company operations and capital deployment will rest with Abel, who is currently the vice chairman of non-insurance operations for Berkshire Hathaway.
Warren Buffett’s successor will inherit the challenge of overseeing the wide-ranging empire that is Berkshire Hathaway, while living up to Buffett’s seemingly impossible-to-replicate record https://t.co/O883ZweOXr a través de @WSJ
— PGG (@PilarGGranja) May 5, 2025
“I could be helpful, I believe, if we ran into periods of great opportunity or anything,” Buffett said on Saturday. Berkshire Hathaway shares were down about 1% in premarket trading following the announcement. The company recently closed at a record high with a market value exceeding $1.1 trillion, despite recent stock market fluctuations.
Buffett’s legacy continues with Abel
The company also warned about potential uncertainties related to tariffs. Greg Abel has been the designated successor to Buffett since 2021, preparing him for this significant transition in leadership.
Anyone doubting Canada’s ability to compete & win, take note that the world’s most successful investor – Warren Buffett – just named a Canadian to take the reins. 🇨🇦https://t.co/jhze7iD4m8
— Erin O'Toole (@erinotoole) May 3, 2025
Abel has long been a respected and well-liked lieutenant within the company. Known for his ability to manage efficiently, Abel has stood out even among Buffett’s cadre of adept managers. Buffett’s career began as the son of Howard Buffett, a congressman and investment firm owner.
After starting as a salesman at his father’s firm in 1951, Buffett quickly demonstrated an exceptional knack for investment. By 1956, he had founded his own investment firm. Less than a decade later, he took control of Berkshire Hathaway, a struggling textile manufacturer, and transformed it into a massive conglomerate.
As the transition approaches, Buffett’s legacy as a titan of industry leaves an indelible mark on American business. The future of Berkshire Hathaway under Greg Abel’s leadership looks to uphold the robust principles set forth by Buffett, continuing a lineage of judicious investment and managerial excellence.