Warren Buffett announced on Saturday that he plans to step down as CEO of Berkshire Hathaway by the end of the year. He named Greg Abel, the company’s vice chairman, as his successor. Speaking at Berkshire’s annual shareholders meeting in Omaha, Nebraska, Buffett, 94, said, “I think the time has arrived where Greg should become the chief executive of the company at year end.”
Abel, 62, has served as vice chair since 2018 and began his career at MidAmerican Energy—now Berkshire Hathaway Energy—in 1992, before Berkshire acquired it in 2000.
Although stepping down as CEO, Buffett said he will remain involved with the company and has no intention of selling his Berkshire shares, which he plans to donate after his death. He added, “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.” His announcement was met with a standing ovation in appreciation of his leadership.
Buffett has long been grooming Abel for the role, he said in 2021 that Abel would be the immediate successor should anything happen to him.
Buffett took control of Berkshire Hathaway in 1965 with Charlie Munger, transforming it from a struggling textile firm into a conglomerate worth over $1 trillion.
Buffett, with a net worth exceeding $168 billion, still lives in the Nebraska home he bought for $31,500 in 1958. His son, Howard, is expected to become the company’s non-executive chairman.
