Warren Buffett to step down as Berkshire-Hathaway CEO after 60 years

Warren Buffett, one of the most iconic investors in history, will step down as CEO of Berkshire Hathaway at the end of 2025, marking the end of a legendary 60-year tenure.

The 94-year-old billionaire announced the transition during Berkshire’s annual shareholder meeting in Omaha, naming Vice-Chairman Greg Abel as his successor.

Buffett, whose net worth stands at $168.2 billion — nearly all tied to Berkshire stock — said he will remain involved in an advisory capacity but emphasized that “the final word” will rest with Abel.

The surprise announcement was met with praise from business leaders including JPMorgan CEO Jamie Dimon and Apple’s Tim Cook.

Greg Abel, 62, has served as Berkshire’s vice-chairman since 2018 and was officially designated as Buffett’s heir in 2021.

He currently oversees Berkshire’s vast non-insurance operations, including BNSF Railway, Geico, and Dairy Queen.

The transition comes as Berkshire continues to thrive, with its stock rising 19% year-to-date, far outpacing the broader market.

The company holds nearly 200 businesses and $264 billion in stock holdings, including stakes in Apple, Bank of America, and American Express.

Buffett's announcement also follows the 2023 death of longtime partner Charlie Munger. Berkshire shareholders expressed mixed emotions about the change, with many calling it the “end of an era.”

Buffett emphasized he has no plans to sell any shares and expressed full confidence in Abel, saying, “Greg can do better.” Abel will face the challenge of managing Berkshire’s massive $347.7 billion cash pile and maintaining the company’s culture.

Howard Buffett, Warren’s son, is expected to become Berkshire’s non-executive chairman.

Berkshire Hathaway’s iconic shareholder gathering, often called “Woodstock for Capitalists,” is expected to continue post-transition.