Warren Buffett to step down as CEO of Berkshire Hathaway by the end of this year, Greg Abel named successor

In a historic transition, Warren Buffett announced that he will step down as CEO of Berkshire Hathaway at the end of 2025, recommending Vice Chairman Greg Abel as his successor.

The announcement came during Berkshire Hathaway Annual Shareholders Meeting on May 3, 2025 , surprising even most of the board.

Warren Buffett is 94 years old. He said he would ask the board at Sunday’s meeting to name Abel CEO by year-end.

While Abel was named successor in 2021, the formal timing of the handoff had not been disclosed until now.

Greg Abel spoke during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2025.

Buffett, who turned a struggling textile mill, Berkshire Hathaway, into a $1.2 trillion conglomerate over six decades, said he will remain involved in a supporting role but emphasized that operational and capital decisions will rest with Abel going forward.

Abel, 62, has overseen Berkshire’s non-insurance operations and spent much of his career in the energy sector.

He joined Berkshire in 2000 through its acquisition of MidAmerican Energy and has since earned a reputation for strong, hands-on management.

Buffett, who owns more than $160 billion in Berkshire stock, said he won’t sell a single share. “I think the prospects of Berkshire will be better under Greg’s management than mine,” he said.

Board member Ron Olson praised the move: “Greg is ready. I have no doubt about that.”

The company has not yet announced whether Abel will also assume the role of chairman. Buffett previously suggested his son, Howard Buffett, would serve as non-executive chairman to preserve the firm’s culture after his passing.