Warren Buffett, the iconic investor and chairman of Berkshire Hathaway, announced during the company's annual shareholder meeting that he will step down as CEO at the end of 2025. This decision marks the conclusion of Buffett's remarkable 60-year tenure, during which he transformed Berkshire from a struggling textile firm into a global investment powerhouse.
Greg Abel, currently Vice Chairman overseeing Berkshire's non-insurance operations, has been designated as Buffett's successor. Abel, a 62-year-old Canadian executive, joined Berkshire in 2000 through its acquisition of MidAmerican Energy, where he rose to become CEO. He has been instrumental in managing key subsidiaries such as BNSF Railway, Dairy Queen, and Berkshire Hathaway Energy.
Buffett expressed confidence in Abel's leadership, stating that he possesses the integrity, discipline, and commitment to uphold Berkshire's decentralized culture and long-term investment philosophy. Abel is expected to maintain the company's strategy of making long-term investments and avoiding dividend payouts.
While Buffett will relinquish his CEO role, he plans to remain involved with Berkshire in an advisory capacity and will retain his shares in the company. The transition is anticipated to be seamless, with Abel having already assumed significant responsibilities, including capital allocation and oversight of the stock portfolio.
This leadership change signifies a new chapter for Berkshire Hathaway, as it continues to navigate the evolving business landscape under Abel's stewardship.