Warren Buffett, the famous investor and CEO of Berkshire Hathaway, has announced that he will step down from his role at the end of 2025. This marks the end of an era for the company, which Buffett has led for over 60 years. At the recent annual meeting in Omaha, Nebraska, Buffett shared that he would be handing over the CEO position to Greg Abel, the company’s Vice Chairman, who he has been preparing for this role for several years.
Buffett, who is 94 years old, said, “I think the time has arrived where Greg should become the chief executive of the company at year end.” His announcement was met with applause from the 40,000 shareholders in attendance, showing the respect and admiration people have for Buffett. Interestingly, Greg Abel didn’t know about the announcement before it was made, which made it even more surprising.
Buffett’s Impact on Berkshire Hathaway
Under Buffett’s leadership, Berkshire Hathaway grew from a struggling textile company to a giant investment firm worth around $1.16 trillion. His approach to investing, focused on finding value and thinking long-term, made him one of the most successful investors in the world. Despite his wealth, Buffett is known for living modestly in the same house in Omaha for over 65 years.
Buffett also mentioned that he has no plans to sell his shares in Berkshire Hathaway. He said, “I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away.” This shows his deep commitment to the company and belief in its future.
Planning for the Future with Greg Abel
The decision to make Greg Abel the CEO has been expected for some time. Buffett had previously mentioned that he was preparing for the transition, even though he didn’t want to retire just yet. Abel has been with Berkshire Hathaway since 2000, when the company bought MidAmerican Energy, where Abel was an executive. He later became the CEO of MidAmerican, which was renamed Berkshire Hathaway Energy. Under his leadership, the company became the largest producer of wind energy in the U.S.
Abel has been the Vice Chairman for non-insurance businesses since 2018, overseeing areas like utilities, railroads, and retail. He is known for his strong management skills and has earned the respect of both Berkshire’s managers and shareholders. Buffett has praised Abel’s ability to lead and is confident in his future success.
Looking Ahead: What’s Next for Berkshire Hathaway?
As Buffett prepares to step down, the future of Berkshire Hathaway remains exciting. The company owns over 60 businesses, including well-known brands like Geico, Duracell, and Dairy Queen, and has big investments in companies like Apple and Coca-Cola. The transition to Greg Abel is expected to go smoothly, as Buffett has been planning for this moment for years.
Read More: 5 Hilarious Jokes from Warren Buffett That Had Investors Laughing at the 2025 Berkshire Meeting!
Abel is expected to continue Buffett’s legacy while also possibly taking a more active role in overseeing operations, unlike Buffett’s more hands-off approach. With his experience at Berkshire Hathaway, Abel is in a great position to keep the company growing and successful in the future.
