Warren Buffett to Step Down as CEO of Berkshire Hathaway, Greg Abel Named Successor

OMAHA, Neb. — Warren Buffett, the 94-year-old chairman and CEO of Berkshire Hathaway, announced during the company's annual shareholder meeting on May 5, 2025, that he will step down as CEO by the end of the year. Greg Abel, the current vice chairman overseeing non-insurance operations, has been named as his successor. Buffett will continue to serve as chairman of the board.

This transition marks the end of an era for Berkshire Hathaway, a conglomerate that has flourished under Buffett's leadership for over six decades. Greg Abel, a seasoned executive with a 25-year tenure at the company, is set to take the helm, prompting both confidence and curiosity among investors regarding the future direction of the $1.16 trillion enterprise.

Warren Buffett, often referred to as the "Oracle of Omaha," has led Berkshire Hathaway since 1965, transforming it into a $1.16 trillion conglomerate with 189 businesses and substantial stock and cash holdings. Under his leadership, the company has consistently outperformed major market indexes, earning him a reputation as one of the most successful investors in history.

Greg Abel, a 62-year-old Canadian executive from Edmonton, Alberta, has been with Berkshire Hathaway since 2000, following the company's acquisition of MidAmerican Energy. He began his career at PricewaterhouseCoopers before joining CalEnergy in 1992, which later became MidAmerican Energy. Abel rose through the ranks to become CEO of MidAmerican in 2008, and the company was renamed Berkshire Hathaway Energy in 2014. In 2018, he was appointed vice chairman of non-insurance operations for Berkshire Hathaway.

The announcement led to a nearly 2% drop in Berkshire Hathaway's shares in premarket trading, reflecting investor uncertainty about the company's future without Buffett's renowned investment acumen. Class B shares fell to $530.01 following the news.

While Abel has managed most non-insurance subsidiaries since 2018 and Vice Chairman Ajit Jain continues to oversee insurance operations, the leadership transition has led to concern among shareholders and a dip in Class B shares to $530.01. Analysts suggest that although daily operations may remain unaffected, Buffett’s departure may impact investor confidence.

Buffett's decision to step down marks the end of an era for Berkshire Hathaway and the broader investment community. His leadership style and investment philosophy have influenced generations of investors. The transition to Abel signifies a shift towards a new leadership era, with potential implications for the company's strategic direction and corporate culture.

As Berkshire Hathaway embarks on this new chapter, the investment community will be closely watching how Abel steers the conglomerate, balancing the legacy of Buffett's leadership with the evolving dynamics of the global market.