Legendary investor Warren Buffett, 94, officially stepped down as CEO of Berkshire Hathaway after more than six decades at the helm of the conglomerate.
The announcement was made during the company’s annual shareholder meeting on May 3, with Vice-Chairman Greg Abel named as his successor. The transition is said to take effect at the end of the year.
“I think the time has arrived where Greg should become the chief executive officer of the company at year-end,” Buffett, 94, said on Saturday as he concluded Berkshire Hathaway’s annual meeting in Omaha, as reported by Reuters.
He added that while he would “hang around and conceivably be useful in a few cases,” the “final word” on company decisions would rest with Abel.
The market capitalisation of Berkshire Hathaway has been reported at USD 1.17 trillion to USD 1.2 trillion, depending on the stock market swings. In May 2025, the website Companiesmarketcap.com said it was “the world’s 8th most valuable company by market cap”, according to the available data.
Buffett, an American business icon known for his sharp investment acumen and decades of strong returns, earned the title “Oracle of Omaha” — a nod to his hometown in Nebraska and his legendary foresight in the financial world.
“I couldn’t be more humbled and honored to be part of Berkshire as we go forth,” Greg Abel told shareholders, as reported by Indian Express.
Who is Buffett’s successor?
Greg Abel, 62, chairman and CEO of Berkshire Hathaway Energy and has served as vice-chairman of Berkshire Hathaway’s non-insurance operations since 2018. He oversaw 189 diverse businesses within the conglomerate.
His portfolio includes major companies such as the BNSF Railway, Berkshire Hathaway Energy, NetJets, and well-known consumer and retail brands like Dairy Queen, Borsheims jewelry, Fruit of the Loom, Brooks Running, and Justin Boots.
“I think the time has arrived where Greg should become the chief executive officer of the company at year-end,” Buffett, 94, said on Saturday as he concluded Berkshire Hathaway’s annual meeting in Omaha as reported by Reuters.
He added that while he would “hang around and conceivably be useful in a few cases,” the “final word” on company decisions would rest with Abel.
Early years
Abel, an Edmonton, Alberta, native, began his career as a chartered accountant with PricewaterhouseCoopers in San Francisco before joining geothermal energy producer CalEnergy in 1992.
In 1999, CalEnergy acquired MidAmerican Energy and adopted its name. Later that year, Berkshire Hathaway took a controlling interest in the company.
Steadily, Abel rose through the ranks, becoming CEO of MidAmerican in 2008. Under his leadership, the company was rebranded as Berkshire Hathaway Energy in 2014.
Tim Cook, CEO of Apple in a post on X, said, “There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg.”
According to Forbes, Buffett’s net worth as of May 2025, is estimated at USD 168.2 billion, making him the sixth-richest individual in the world.
Buffett plans to donate 99.5 per cent of his remaining wealth to a charitable trust overseen by his daughter and two sons when he dies.
