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

OMAHA, NE — Legendary investor Warren Buffett, known globally as the “Oracle of Omaha,” has officially announced he will step down as CEO of Berkshire Hathaway at the end of 2025. His long-anticipated successor, Greg Abel, will take over the reins of the $1.1 trillion conglomerate starting in 2026, pending board approval.

Speaking at Berkshire Hathaway’s annual shareholder meeting, Buffett, now 94 years old, assured investors he would remain chairman until his passing, after which the role will go to his son, Howard Buffett.

“Greg should become the chief executive officer of the company at year-end,” Buffett declared, receiving a standing ovation from thousands in attendance.

Buffett also reaffirmed his confidence in the company by stating he would not sell a single share of Berkshire stock.

A Historic Legacy in Business and Investing

Buffett, who bought his first stock at age 11 and famously acquired Berkshire Hathaway in 1965, has transformed the former textile company into a multinational powerhouse. Key holdings include Apple, Coca-Cola, American Express, Bank of America, and Chevron. Today, Buffett is worth $169 billion, making him the 5th richest person in the world, according to Bloomberg.

Buffett Blasts Trump Tariffs, Warns of Economic Risk

In a rare political comment, Buffett called Trump’s tariffs a “big mistake,” warning that using trade as a weapon could backfire economically.

“Trade should not be a weapon. It could be an act of war,” Buffett said, criticizing the uncertainty imposed on markets and investments.

Berkshire reported a 14% drop in operating earnings in Q1 2025 and cited tariffs as a key risk factor in its outlook. The company now holds $347 billion in cash — and Buffett said he’s in no rush to deploy it unless the right opportunity arises.

A New Era Begins with Greg Abel

Greg Abel, 62, currently the vice chairman of non-insurance operations at Berkshire and CEO of Berkshire Hathaway Energy, will step into the CEO role. Known for his active management style and strategic acumen, Abel has earned Buffett’s confidence over years of close collaboration.

Buffett praised Abel’s leadership:

“Greg can do better at many things. He’s more active, more engaged, and has the right temperament to lead Berkshire forward.”

A Celebration of Capitalism in Omaha

Dubbed the “Woodstock for Capitalists,” the annual shareholder gathering featured high-profile attendees such as Apple CEO Tim Cook, Bill Gates, and Hillary Clinton. Limited-edition merchandise, product showcases, and packed investor Q&As filled the CHI Health Center — a testament to Buffett’s enduring influence.

As Buffett steps back from day-to-day operations, a new chapter begins for Berkshire — but the investment sage’s principles, discipline, and vision will continue shaping the company and its global footprint.