At Berkshire Hathaway's 60th annual shareholder meeting, Warren Buffett announced his plan to step down as CEO by the end of 2025.
Announcement of Leadership Change
Warren Buffett, aged 94, stated that he recommends the board appoint Greg Abel as his successor. "I believe the moment has come for Greg to assume the role of chief executive officer of the company by year’s end," Buffett said. This decision surprised many shareholders, as Buffett had not previously indicated plans to retire.
Career of Greg Abel
Greg Abel, 62, has been with Berkshire Hathaway since 1999, initially leading its energy subsidiary, Berkshire Hathaway Energy. Since 2018, he has served as vice chairman responsible for the company’s non-insurance businesses, including utilities, railways, and retail. Abel has long been identified as Buffett’s heir apparent, with Buffett publicly endorsing him as a capable leader who will maintain Berkshire’s legacy.
Buffett’s Future Plans
Buffett assured shareholders that he will remain involved in some capacity to support the company during the transition but emphasized that the ultimate authority will rest with Abel. He also confirmed he has no intention of selling any Berkshire shares, underscoring his confidence in Abel’s leadership and the company’s future prospects.
This announcement signals a historic leadership change at one of the world’s most influential investment firms, ensuring continuity while closing a remarkable chapter in American business history.
