Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, has officially announced that he will step down from his role at the end of 2025, concluding an extraordinary 60-year tenure that reshaped the American business landscape.
The announcement was made during the company’s annual shareholder meeting in Omaha, drawing a standing ovation from thousands in attendance.
At 94, Buffett’s decision signals the end of an era for Berkshire Hathaway, a company he transformed from a struggling textile manufacturer into a $900 billion conglomerate spanning industries from insurance and railroads to energy and fast food. Known as the “Oracle of Omaha,” Buffett is widely regarded as one of the most successful investors in history.
Greg Abel Named as Successor
In a long-anticipated move, Greg Abel, Vice Chairman of Berkshire Hathaway’s non-insurance operations, has been confirmed as Buffett’s successor. Abel, 62, has been groomed for the role over the past several years and was publicly identified by Buffett in 2021 as the most likely candidate to take the reins.
“Greg has the right values, the right skills, and the full confidence of both me and the board,” Buffett said. “He understands Berkshire’s culture and long-term philosophy, and I have no doubt he will do a great job.”
Abel will assume the CEO role starting January 1, 2026. Buffett emphasized that while he will no longer be CEO, he will remain engaged with the company in an informal capacity and retain his substantial ownership stake.
Legacy of a Financial Titan
Buffett took control of Berkshire Hathaway in 1965, purchasing a controlling interest in what was then a struggling textile firm. Under his leadership, the company pivoted to insurance and, over the decades, expanded into a vast array of sectors through calculated, value-based acquisitions. Notable investments include stakes in Coca-Cola, Apple, American Express, and Chevron.
Buffett’s disciplined approach to investing, grounded in the principles of Benjamin Graham, brought outsized returns to shareholders. From 1965 to 2024, Berkshire Hathaway’s Class A shares delivered a compound annual gain of over 19%, vastly outpacing the S&P 500.
Beyond his investment prowess, Buffett became known for his frugality, folksy wisdom, and principled capitalism. He famously still lives in the modest Omaha home he bought in 1958 and eats breakfast from McDonald’s.
As part of the transition, Buffett reaffirmed his longstanding philanthropic pledge. Nearly all of his $168.2 billion fortune will be donated after his death, primarily through the Bill & Melinda Gates Foundation and foundations led by his children.
“I’ve never believed in dynastic wealth,” Buffett reiterated at the meeting. “My wealth has come from a society that works, and it should go back to benefit society.”
Industry Reaction
News of Buffett’s planned departure sent ripples across the financial world. Analysts and investors alike praised his stewardship while expressing confidence in Abel’s ability to preserve Berkshire’s decentralized, value-oriented ethos.
“Buffett built more than just a company — he built an institution rooted in integrity, discipline, and trust,” said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. “Greg Abel has enormous shoes to fill, but he’s been a quiet powerhouse inside Berkshire for years.”
As Berkshire Hathaway prepares for a historic leadership transition, the broader investment community will watch closely to see how the firm maintains its competitive edge in an evolving market. For now, Buffett’s legacy as a paragon of long-term thinking and ethical capitalism remains intact.
“In business, there are very few immortals,” said CNBC’s Becky Quick, who has interviewed Buffett annually for decades. “But Warren Buffett may be the closest we’ve come.”
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