Warren Buffett, the 94-year-old CEO of Berkshire Hathaway, announced that he will step down as CEO in December 2025 after leading the conglomerate for 60 years. Buffett, widely admired for his long-term investment philosophy and relatable wisdom, has influenced generations of investors, many of whom view him as a father figure in finance. Though he will retain his role as Berkshire’s chairman, day-to-day leadership and capital allocation duties will transition to Greg Abel, the CEO-in-waiting since 2021 and already a respected executive within the company.
The announcement was made during Berkshire Hathaway’s annual shareholder meeting in Omaha, Nebraska, where Buffett received a ten-minute standing ovation from thousands of attendees. Buffett’s tenure transformed Berkshire from a failing textile firm into a $1.03 trillion conglomerate, encompassing diverse businesses from insurance to railroads.
Greg Abel, who currently oversees Berkshire’s non-insurance operations, has been with the company for over two decades. His leadership style and strategic acumen have earned him the confidence of both Buffett and the broader investment community. Abel’s appointment is seen as a move to ensure continuity and stability within the conglomerate.
Buffett has reiterated his commitment to philanthropy, pledging to donate 99.5% of his $165.3 billion wealth to a trust overseen by his children. He has also expressed confidence in Abel’s ability to steer Berkshire Hathaway into the future, emphasizing the importance of maintaining the company’s core values and investment principles.
