Greg Abel to Succeed Warren Buffett as CEO of Berkshire Hathaway

In a landmark transition for one of the world’s most closely watched companies, Warren Buffett announced on Saturday that he will step down as CEO of Berkshire Hathaway by the end of 2025.

The company’s board voted unanimously to appoint Greg Abel—currently the vice chairman of non-insurance operations—as president and CEO beginning January 1, 2026. Buffett, who has led the conglomerate for more than five decades, will remain as chairman of the board.

Buffett, 94, made the announcement during the closing moments of Berkshire Hathaway’s annual shareholder meeting in Omaha, Nebraska. The decision formalizes a succession plan that had been anticipated since 2021, when Buffett named Abel as his likely successor.

“I think the time has arrived where Greg should become the chief executive of the company at year end,” Buffett told shareholders.

Abel, 62, has been a key figure at Berkshire for over two decades, having joined through its energy subsidiary. Born in Edmonton, Alberta, and a graduate of the University of Alberta, Abel started his career at PwC before moving into the energy industry with CalEnergy, which later merged into what became Berkshire Hathaway Energy. He rose through the ranks and took the reins of the energy division in 2008. Since 2018, he has served as vice chair overseeing the conglomerate’s wide-ranging non-insurance businesses.

While Buffett will step away from day-to-day operations, he emphasized he’ll be available to offer advice, especially in turbulent market periods or during major acquisition decisions. Abel, however, will have the final word on company operations and capital deployment.

Abel is widely expected to continue Buffett’s long-standing investment philosophy—marked by conservative financial management, long-term value investing, and minimal interference in subsidiary operations. At the shareholder meeting, he reaffirmed his commitment to preserving the company’s robust balance sheet, which currently includes more than $347 billion in cash.

Though considered more hands-on than Buffett, Abel has earned praise from inside and outside the company for his leadership style. Former Berkshire vice-chairman Charlie Munger once called him “just sensational at being a business leader,” and noted his ability to lead effectively through others. Board members, including longtime director Ron Olson, have expressed confidence that Abel is fully prepared to lead.

The timing of the announcement follows a year of mixed economic signals, with Berkshire warning about uncertainties—such as tariffs—that could cloud its outlook. Still, shares of the conglomerate recently hit record highs, with a market value surpassing $1.1 trillion.

With input from Business Insider, CNN, and CNBC.