Warren Buffett, known as the “Oracle of Omaha” and a famous investor, will step down as CEO of Berkshire Hathaway at the end of 2025. This decision ends his 60-year leadership, during which he turned Berkshire from a struggling textile mill into a $1.16 trillion company.
Berkshire now includes businesses in insurance, railroads, utilities, manufacturing, and major investments in companies like Apple, Coca-Cola, and American Express.
Buffett, 94, shared this news at Berkshire Hathaway’s annual shareholder meeting in Omaha, Nebraska. He said, “I believe the moment has come for Greg to take over as CEO at the year’s conclusion,” referring to Vice Chairman Greg Abel, who will take his place.
Buffett noted that while he will be available for advice, Abel will make the final decisions on company matters.
Greg Abel, 62, has been Berkshire’s Vice Chairman since 2018 and oversees all non-insurance businesses within the company. He was named Buffett’s chosen successor in 2021, but the exact timing of the transition was uncertain until now. Abel expressed his gratitude and said, “I couldn’t be more humbled and honored to be part of Berkshire as we go forth.”
Buffett’s announcement surprised even some board members. Only his children, Howard and Susie Buffett, knew about the decision before the meeting.
The news received a standing ovation from the thousands of shareholders in attendance, showing the respect Buffett has in the business world.
Throughout his 60 years at the company, Buffett became known for value investing, integrity, and a long-term vision. He made Berkshire Hathaway a safe choice for investors, especially during tough economic times.
His wealth, now over $150 billion, comes mainly from Berkshire stock, and he confirmed that he plans to keep his shares and donate most of them to charity after his death.
Buffett’s departure raises questions about the future of Berkshire and whether its unique value will remain without him. However, the company has strong succession plans, and Abel’s experience offers reassurance to investors and stakeholders that Berkshire’s culture and investment philosophy will continue.
As Buffett steps aside, the business world reflects on his legacy of discipline, humility, and success—a significant moment for American capitalism.