Warren Buffett to Step Down as Berkshire CEO, Names Greg Abel as Successor
Warren Buffett has officially announced he will ask Berkshire Hathaway’s board to appoint Greg Abel as CEO by year-end, marking the end of an extraordinary era. The surprise revelation came during the company’s annual meeting in Omaha, where Buffett, 94, shared the news with thousands of shareholders.“Greg should become the chief executive officer of the company at year end,” Buffett said, adding that only two board members—his children—were aware beforehand.
Abel, 62, has long been Buffett’s designated successor and currently serves as vice chairman overseeing non-insurance operations. He joined Berkshire in 2000 through the acquisition of MidAmerican Energy and became its CEO in 2008.
Buffett, who transformed Berkshire from a struggling textile mill into a $1.2 trillion conglomerate, said he will remain available in an advisory capacity but will no longer be involved in daily operations or capital deployment.
“I think the prospects of Berkshire will be better under Greg’s management than mine,” said Buffett, noting he won’t sell a single share of his $160 billion stake.
Abel reassured shareholders that he will maintain Berkshire’s disciplined investment philosophy, stating: “It will not change.”
While it’s yet to be confirmed whether Abel will also become chairman, Buffett had previously expressed a desire for his son Howard to serve as nonexecutive chairman in the future to preserve company culture.
The announcement concluded with a standing ovation for Buffett—widely regarded as the “Oracle of Omaha”—as he transitions from legendary leader to mentor.