OMAHA, NE — May 3, 2025 — In a moment that marks the end of an extraordinary era in American investing, Warren Buffett, the legendary investor known as the “Oracle of Omaha,” has officially announced he will step down as CEO of Berkshire Hathaway by the end of 2025. His hand-picked successor, Greg Abel, will take the helm of the nearly $1.2 trillion conglomerate, a move that cements a transition long in the making.
Buffett, 94, revealed the decision during the closing minutes of the Berkshire Hathaway Annual Shareholders Meeting in Omaha on May 3. Speaking before a packed crowd of roughly 40,000 shareholders, he said, “The time has arrived where Greg should become the chief executive officer of the company at year end.”
A Historic Transition at the Summit of Success
This transition comes as Berkshire Hathaway reaches a new high, both literally and symbolically. Its stock recently peaked at an all-time high, propelling the firm’s market capitalization to nearly $1.2 trillion, solidifying its place as one of the most influential companies in the world.
Buffett emphasized that while he will relinquish executive control, he isn’t disappearing altogether. “I’ll still be around if needed,” he remarked, adding that his decades of experience may come in handy during times of great opportunity.
Despite handing over the reins, Buffett confirmed he will not sell a single share of his Berkshire stock — a portfolio currently valued at over $160 billion, reinforcing his confidence in Abel’s leadership.
“I think the prospects of Berkshire will be better under Greg’s management than mine,” Buffett said, praising Abel’s work ethic and strategic mindset.
Who is Greg Abel?
Abel, 62, currently serves as Vice Chairman of Non-Insurance Operations at Berkshire Hathaway and was officially named Buffett’s successor back in 2021. Born in Edmonton, Alberta, Abel brings over 25 years of experience within the Berkshire ecosystem.
He began his journey with the company in 2000, when Berkshire acquired MidAmerican Energy, where he rose to the role of CEO in 2008. Under his leadership, the energy company expanded its footprint significantly and demonstrated Abel’s talent for long-term value creation — a hallmark of Buffett’s investing philosophy.
Greg Abel Profile Summary | Details |
---|---|
Current Role | Vice Chairman, Non-Insurance Ops |
New Role (Effective End of 2025) | Chief Executive Officer (CEO) |
Joined Berkshire | 2000 (via MidAmerican Energy) |
Previous Roles | CEO, MidAmerican Energy |
Birthplace | Edmonton, Alberta, Canada |
Investment Style | Buffett-style value investing |
“It’s really the investment philosophy and how Warren and the team have allocated capital for the past 60 years,” said Abel. “It will not change.”
Continuity, Culture & Capital: Berkshire’s DNA Lives On
The upcoming transition raises questions not only about leadership but also about capital allocation and corporate culture — both of which Buffett helped define over six decades.
Buffett reaffirmed that Abel will uphold Berkshire’s disciplined, patient investing approach, and that Abel has full authority to manage the company’s vast portfolio, which includes a staggering $347 billion in cash reserves as of Q1 2025.
Berkshire Hathaway Financial Snapshot
Metric | Value (2025) |
---|---|
Market Capitalization | $1.2 trillion |
Total Cash Reserves | $347 billion |
Buffett’s Shareholding | $160+ billion |
Number of Subsidiaries | 60+ |
Year Founded (Original) | 1965 (acquired by Buffett) |
Buffett also shared his admiration for Abel’s “hands-on” leadership, noting, “It’s working way better with Greg than with me because, you know, I didn’t want to work as hard as he works.”
Will Buffett Stay as Chairman?
Following the meeting, Buffett and Abel told CNBC’s Becky Quick that the board would meet Sunday to discuss Buffett’s new formal role. While it’s unclear whether Abel will also take over as Chairman, Buffett previously mentioned that his son Howard “Howie” Buffett may step in as non-executive chairman after his death to preserve the company’s unique culture.
“I think they’ll be unanimously in favor of it,” Buffett said regarding the board’s upcoming vote on Abel’s CEO appointment.
A Legacy That Redefined Capitalism
From the ashes of a failing New England textile company in 1965, Warren Buffett built Berkshire Hathaway into a global financial titan. The company now boasts interests in insurance (Geico), railways (BNSF), energy, consumer goods, and more — and holds significant equity stakes in global giants like Apple, Coca-Cola, Bank of America, and American Express.
Buffett’s long-time business partner and friend, the late Charlie Munger, helped shape Berkshire’s culture of value-based investing, low debt, and high integrity. Abel is expected to continue in that spirit.
Board director Ron Olson stated, “It surprises me, but it impresses me. I am very anxious to see Warren become the Charlie Munger for Greg Abel.”
The Final Ovation
As the meeting concluded, shareholders gave Buffett a standing ovation, recognizing the monumental role he has played in shaping global finance and responsible capitalism.
For investors, stakeholders, and fans of Buffett’s timeless wisdom, the transition is bittersweet. But if the Oracle of Omaha says he’s betting on Abel — it’s safe to say Wall Street will follow suit.