Warren Buffett announced Saturday he will retire as chief executive of Berkshire Hathaway at the end of 2025, naming Greg Abel as his successor. The company's board approved the plan Sunday, appointing Abel to the CEO role effective January 1, 2026.
The announcement came unexpectedly toward the close of Berkshire’s annual shareholder meeting. Buffett, 94, will remain with the company as executive chairman.
Greg Abel, 62, has long been anticipated to take over leadership. He currently serves as chairman and CEO of Berkshire Hathaway Energy and is vice chairman of non-insurance operations for the conglomerate. Buffett publicly identified Abel as the next in line in May 2021.
As executive chairman, Buffett stated he plans to assist with large acquisition opportunities for the company, which holds over $347 billion in cash. While remaining chairman, Buffett clarified that Abel will have the final word on company operations and capital deployment upon taking the CEO role.
Abel's career at Berkshire spans 25 years. He joined CalEnergy, which later acquired MidAmerican Energy Holdings. MidAmerican was renamed Berkshire Hathaway Energy in 2014 under Abel's leadership. He joined the Berkshire Hathaway board in 2018.
News of the leadership transition followed the company's recent earnings report released over the weekend. Berkshire Hathaway Stock closed Friday at a record market value topping $1.1 trillion. Shares saw a modest dip in premarket trading Monday after the announcement and earnings results.
Abel has been described as a "more active" leader compared to Buffett. He has drawn praise from company leadership.
“Greg is just sensational at being a business leader, both as a thinker and as a doer. And he’s also sensationally good at smoothly getting things done through other people. So, he’s a very remarkable human being and Berkshire is very lucky to have him,” former Berkshire vice-chairman Charlie Munger said in 2023.
