Warren Buffett to step down as Berkshire Hathaway CEO after six decades

Warren Buffett to Retire as CEO of Berkshire Hathaway After 60 Years, Greg Abel Named Successor

Investing icon passes the torch after building one of the most successful companies in history

Warren Buffett, the legendary investor often referred to as the “Oracle of Omaha,” announced on Saturday that he will step down as chief executive officer of Berkshire Hathaway Inc. at the end of 2025. After more than 60 years at the helm, Buffett is set to hand over leadership to Greg Abel, his long-time designated successor and the current head of Berkshire's non-insurance businesses.

The news came as a surprise to shareholders during Berkshire’s annual meeting in Omaha, where Buffett dropped the announcement at the conclusion of a 4.5-hour Q&A session.

“The time has arrived where Greg should become the CEO of the company at year-end,” Buffett, 94, told thousands of shareholders. “I want to spring that on the directors effectively and give that as my recommendation.”

End of an era at Berkshire Hathaway

Buffett’s retirement marks a historic turning point for Berkshire Hathaway — a firm he transformed from a struggling textile company in 1965 into one of the most powerful and admired conglomerates in the world. Under Buffett's leadership, Berkshire’s Class A stock has grown from $20 to over $800,000 per share, generating unmatched long-term returns for shareholders.

Berkshire’s portfolio now includes iconic brands such as Geico, Dairy Queen, BNSF Railway, Duracell, See’s Candies, and a sizable investment portfolio valued near $300 billion. The company also holds approximately $350 billion in cash, giving it tremendous financial flexibility.

Buffett confirmed that he will not sell any of his Berkshire shares and will remain available to advise where needed. However, Greg Abel will have full decision-making authority, including over capital allocation — a responsibility Buffett has famously held close.

Greg Abel: The next era of Berkshire leadership

Abel, who has led Berkshire’s non-insurance businesses since 2018, has long been seen as Buffett’s chosen successor. He has taken on increased visibility in recent years, especially after the death of Charlie Munger, Buffett’s right-hand man, in 2023.

Shareholders and analysts have praised Abel’s operational acumen and his ability to lead Berkshire’s decentralized group of wholly-owned businesses. He is also expected to uphold the company’s foundational principles, including its measured investment strategy and shareholder-first philosophy.

During the meeting, Abel reassured shareholders that Berkshire’s capital allocation philosophy would remain unchanged, echoing Buffett’s long-standing preference for investing in strong businesses at fair prices.

Investor reaction: applause and confidence, but questions ahead

The mood in Omaha was emotional, with shareholders giving Buffett a standing ovation. For many, it was the culmination of years of preparation. Analysts such as Cathy Seifert of CFRA Research noted that the timing was right: “Better to leave on your own terms,” she said.

Still, some questions linger — particularly around how Berkshire’s vast equity portfolio will be managed moving forward. While investment managers Ted Weschler and Todd Combs oversee a portion of the stock portfolio, Buffett has remained the dominant voice. Neither manager participated in Saturday’s session, and investors are eager for more clarity on how their roles may expand.

“Berkshire becomes a very highly thought-of conglomerate with immense financial strength,” said Bill Smead of Smead Capital Management. “But it’s no longer a stock picker with great cash flow — it’s now a group of well-known businesses with cash to reinvest.”

From textile mills to the top of Wall Street

Buffett’s track record remains virtually unmatched in financial history. From a $20 stock price in 1965, Berkshire Hathaway shares have multiplied more than 40,000 times, outpacing virtually every benchmark. This year alone, Berkshire's Class A shares are up nearly 19%, even as the S&P 500 has declined 3%.

Known for his plainspoken wisdom and disciplined value investing, Buffett also popularized long-term investment principles through his widely read annual shareholder letters and the company’s May meetings — affectionately dubbed “Woodstock for Capitalists.”

He’s credited not only with building wealth but with changing the cultural perception of investing, making it accessible to everyday Americans.

A careful, decades-long transition

Buffett has long emphasized the importance of succession planning. His decision to elevate Abel follows years of deliberate transition and mentorship. Abel’s reputation within the Berkshire ecosystem — particularly for enhancing performance at already successful subsidiaries — positions him as a capable steward of the company’s future.

“Greg has vividly shown his ability to act at such times as did Charlie,” Buffett wrote in his February shareholder letter, referencing capital allocation during times of opportunity.

While Buffett’s official exit will be felt across global markets, shareholders are largely confident in the path forward.

As Warren Buffett prepares to exit one of the most extraordinary careers in corporate history, Berkshire Hathaway stands at the threshold of a new era — steady in its principles, but ready to evolve under new leadership.

Stay tuned to The Horizons Times for continued coverage of Berkshire Hathaway’s transition and the legacy of one of America’s most influential investors.