In a historic moment for American business, Warren Buffett has officially announced that he will step down as Chief Executive Officer of Berkshire Hathaway at the end of 2025.
The 94-year-old investment legend made the announcement during Berkshire’s annual shareholders meeting on Saturday, naming Vice Chairman Greg Abel as his successor.
“I think the time has arrived where Greg should become the chief executive of the company at year end,” Buffett said, adding that Abel had not been informed of the decision prior to the public announcement, although Buffett had shared it with his children.
Abel, 62, has served as Vice Chairman of Berkshire Hathaway since 2018 and was designated as Buffett’s eventual successor in 2021.
A veteran leader within the conglomerate, Abel joined the company in 1992 through Berkshire Hathaway Energy (then MidAmerican Energy), and eventually led the energy division for over a decade.
READ ALSO: Jeff Bezos to Sell $4.75 Billion in Amazon Shares Amid Trade Uncertainty
Warren Buffett’s departure marks the end of a 60-year chapter in business history. Since taking control of a struggling textile company in 1965, Buffett, along with his late business partner Charlie Munger, built Berkshire Hathaway into a trillion-dollar empire spanning nearly every sector of the U.S. economy.
Today, the conglomerate owns or holds major stakes in iconic brands such as Geico, BNSF Railway, Dairy Queen, Fruit of the Loom, See’s Candies, and multibillion-dollar equity positions in Apple, Bank of America, and American Express.
Affectionately known as the “Oracle of Omaha,” Buffett earned global admiration for his value investing philosophy, rooted in the teachings of his mentor Benjamin Graham.
READ ALSO: Australia Election: Anthony Albanese Secures Second Term as Prime Minister
He emphasized buying quality companies at reasonable prices and famously preferred holding onto businesses indefinitely. That long-term vision helped Berkshire’s stock soar an astonishing 5,502,284% from 1965 to 2024.
Despite his wealth—estimated at $168.2 billion by Forbes—Buffett remained famously frugal, living in the same Omaha house he bought for $31,500 in 1958 and giving away more than half of his Berkshire shares to philanthropy since 2006.
Nearly all of his remaining shares are expected to be donated through a charitable trust overseen by his children, Susie, Howard, and Peter.
Howard Buffett, 70, is expected to become the company’s non-executive chairman, helping to uphold Berkshire’s unique business ethos in a new era of leadership.
Buffett, ever humble, once joked in a 2023 interview, “He [Greg] does all the work, and I take the bows.” That legacy of quiet excellence now transitions to Abel, who steps into some of the biggest shoes in corporate America.
While Buffett admits that Berkshire may not deliver “eye-popping performance” in the future due to its sheer size, the company remains a bedrock of financial strength and trust—qualities built during Buffett’s unmatched six-decade tenure.
Discover more from Scoop Hub
Subscribe to get the latest posts sent to your email.