Warren Buffett to Recommend Greg Abel as Berkshire Hathaway CEO by Year-End

OMAHA, Nebraska — A major chapter in the history of Berkshire Hathaway is coming to a close. Warren Buffett, the legendary investor and chairman of Berkshire Hathaway, announced on Saturday that he plans to recommend Greg Abel as the company’s next CEO at the end of the year.

Buffett, now 94, had previously named Abel as his successor in 2021. Still, the news came as a surprise to thousands of enthusiastic shareholders gathered in Omaha for Berkshire’s annual shareholder meeting — an event often called the “Woodstock for Capitalists.”

Buffett Announces Leadership Transition

Speaking near the end of the meeting, Buffett shared his plans with the crowd, noting that only two of Berkshire’s 11 board members — his children, Howie and Susie — were aware of the upcoming proposal.

“I think the time has arrived for Greg to become the chief executive officer of the company at year-end,” Buffett told the audience.

Although Buffett will step down from the CEO role, he made it clear that he will remain involved with the company. Abel, currently vice chairman overseeing Berkshire’s non-insurance businesses, will take over day-to-day operations.

“I believe I can still be helpful if we run into periods of great opportunity or challenge,” Buffett added, reflecting on his continued role as an advisor.

Why Buffett Won’t Sell His Shares

Buffett, who is Berkshire’s largest shareholder, emphasized his confidence in Abel’s leadership. He told shareholders that he has no intention of selling his shares after stepping down.

“The decision to keep every share is an economic one because I believe Berkshire’s prospects will be even better under Greg’s management than mine,” Buffett explained.

Despite using a cane to navigate the event, Buffett impressed attendees by answering questions for nearly four hours with his trademark energy and sharp insight. The meeting ended with a standing ovation in honor of Buffett’s remarkable 60-year tenure leading the conglomerate.

What’s Next for Buffett and Berkshire Hathaway

Following the meeting, Buffett and Abel told CNBC’s Becky Quick that they would discuss Buffett’s future role at the upcoming board meeting. It remains to be seen whether Abel will also assume the chairman position.

Buffett expressed confidence in the board’s decision, saying, “I think they’ll be unanimously in favor of it.”

A Turning Point for Berkshire Hathaway

This leadership transition marks the end of an era for Berkshire Hathaway and a pivotal moment for its future. As Abel prepares to take the helm, investors and fans around the world will be watching closely to see how the company continues to grow under new leadership.

Stay tuned for updates on this historic change at Berkshire Hathaway.