Warren Buffett to Step Down as Berkshire CEO, Greg Abel Named Successor
OMAHA, Nebraska – Warren Buffett, the legendary investor often referred to as the “Oracle of Omaha,” announced on Saturday that he will step down as CEO of Berkshire Hathaway at the end of 2025, formally naming Greg Abel as his successor.
Speaking at the company’s widely attended annual shareholder meeting, the 94-year-old revealed that Abel – Berkshire’s Vice Chairman overseeing non-insurance businesses—will take over as chief executive, subject to board approval. Buffett said he would retain his position as chairman for now, with plans for his son, Howard Buffett, to assume that role after his death.
“Greg should become the chief executive officer of the company at year-end,” Buffett told thousands of shareholders gathered at CHI Health Center in Omaha. The announcement was met with a standing ovation.
Buffett, who has led Berkshire since 1965, said the decision had only been shared with his children before the meeting. Abel, 62, has long been considered the heir apparent, with his name floated publicly in 2021 as part of a broader succession plan.
A Storied Career and a Growing Empire
Buffett’s journey from a boy selling gum and delivering newspapers to becoming one of the richest people in the world is well-known. Born in Omaha in 1930, he bought his first stock at age 11 and built his fortune through decades of disciplined investing and business acquisitions.
Under his leadership, Berkshire Hathaway evolved from a struggling textile company into a $1.1 trillion conglomerate, with interests spanning insurance, utilities, railroads, food, retail, and major stakes in companies like Apple, Coca-Cola, and American Express.
Despite his planned departure as CEO, Buffett emphasized that he would not sell a single share of Berkshire stock.
On Tariffs and the U.S. Economy
In his remarks, Buffett also waded into U.S. trade policy, calling tariffs a “big mistake” and warning that using trade as a political weapon could backfire. “Trade should not be a weapon,” he said, to applause. “America should do what we do best, and other countries should do what they do best.”
The company’s quarterly filing echoed this concern, noting that global trade tensions could create uncertainties for its various business segments.
Berkshire reported a 14% drop in operating earnings for the first quarter of 2025, with insurance underwriting profits falling sharply from $2.6 billion to $1.33 billion.
Cash Holdings and Cautious Strateg
Buffett addressed Berkshire’s growing cash reserves, now at $347 billion. While noting the company isn’t rushing to deploy that capital, he stressed the importance of strategic patience. “We have made a lot of money by not being fully invested at all times,” he said. He also hinted at a near $10 billion investment that was considered but ultimately not pursued.
Praise for Apple and Leadership Philosophy
Buffett singled out Apple CEO Tim Cook for his role in Berkshire’s investment success, saying Cook had made the company more money than Buffett himself. Despite trimming its Apple holdings in 2024, Berkshire still considers the tech giant one of its core investments.
On leadership, Buffett praised Abel as more active and hands-on – qualities he believes will benefit Berkshire as it enters a new chapter. “Greg can do better at many things,” Buffett said, adding that Abel has already demonstrated his ability to engage thoughtfully with the firm’s vast business units.
A Legacy Beyond Numbers
The annual meeting, nicknamed “Woodstock for Capitalists,” drew high-profile guests including Hillary Clinton, Apple’s Tim Cook, and former Microsoft CEO Bill Gates. For many of the thousands in attendance, Buffett’s influence extends beyond markets – he is seen as a guiding voice in uncertain times.
Even as he prepares to hand over the reins, Buffett remains a towering figure in the business world – his legacy firmly etched into the fabric of corporate America.
