Warren Buffett to Retire from Berkshire Hathaway, Greg Abel Named Successor
May 3, 2025
OMAHA, NEBRASKA — In a historic and emotional moment at the company’s 60th annual shareholder meeting, Warren Buffett, the legendary investor known as the “Oracle of Omaha,” announced that he will step down as CEO of Berkshire Hathaway at the end of 2025. The 94-year-old billionaire revealed that Greg Abel, currently vice-chairman overseeing non-insurance operations, will succeed him as chief executive.
Buffett’s unexpected declaration came at the conclusion of the annual gathering in Omaha, which drew tens of thousands of loyal shareholders. “The time has come,” Buffett stated. “Greg should become the chief executive officer of the company at year-end. I’ll present that recommendation to the board tomorrow.”
Buffett admitted that neither Abel nor the majority of the board had been notified prior to the announcement. “Only two of the directors — my children — know what I’m about to share,” he said, adding that a board meeting would be held Sunday to formally discuss the transition.
A Legacy of Transformation
Since acquiring Berkshire Hathaway in 1965 — then a struggling textile manufacturer — Buffett transformed the company into one of the most powerful and diversified holding firms in the world. Today, Berkshire controls or holds significant stakes in nearly 200 companies, ranging from insurance giant Geico and BNSF Railway to Dairy Queen and See’s Candies.
The conglomerate has become a benchmark of American capitalism, with its “A” class shares recently closing at a record-breaking $809,808.50. Since the beginning of 2025, the stock has risen by 20%, outpacing the S&P 500, which has declined by 3% in the same period.
Buffett’s extraordinary success has earned him a devoted following, and his annual letters to shareholders are studied globally for investment insights and business wisdom. Despite his wealth — currently estimated at $168 billion by Forbes — Buffett has always maintained a humble image, still drawing a symbolic salary of $100,000 and living in the same Omaha house he bought in 1958.
The Torch Passes to Greg Abel
Greg Abel, 62, has long been considered Buffett’s heir apparent. In 2021, Buffett confirmed that Abel would take the reins when the time came. Abel has earned the trust of Buffett and shareholders alike through his stewardship of Berkshire’s non-insurance businesses, which include some of the conglomerate’s most critical assets.
Though Buffett hinted he may continue offering advice “in a few cases,” he made it clear that Abel would assume full leadership responsibilities. “It’s time to pass the mantle,” he said.
Shareholder Reactions and Industry Impact
The audience at the annual meeting responded to Buffett’s announcement with a standing ovation. Christopher Rossbach, CIO of long-term Berkshire investor J Stern & Co, was visibly emotional. “This is a monumental day,” he said. “Berkshire Hathaway is a symbol of what is best in American enterprise — long-term thinking, integrity, and value creation.”
With Buffett stepping down, industry watchers expect greater focus on Berkshire’s evolving strategy in the tech age. However, Buffett’s reassurance to shareholders was unequivocal: “I have zero intention of selling even a single share of Berkshire Hathaway. I will continue to give it away gradually.”
Looking Ahead Without Charlie Munger
Buffett’s decision comes just over a year after the death of Charlie Munger, his longtime business partner and confidant. Munger’s passing in 2023 sparked renewed speculation about succession planning at Berkshire. Saturday’s announcement brings clarity to that question and signals a careful, thoughtful transition at one of the most admired companies in the world.
As Berkshire Hathaway enters a new chapter under Greg Abel’s leadership, Buffett’s legacy as one of the greatest investors of all time remains firmly intact — a legacy built not just on financial acumen but on principles of discipline, patience, and long-term vision.