Legendary investor Warren Buffett announced today that he intends to step down as CEO of Berkshire Hathaway by the end of 2025. Speaking at the conclusion of the company’s annual shareholders meeting, Buffett said he would recommend to Berkshire’s board of directors that Greg Abel take over as chief executive officer.
“I think the time has arrived for Greg to become chief executive officer of the company at year-end,” Buffett stated, emphasizing his confidence in Abel, who currently serves as vice chairman in charge of Berkshire Hathaway’s non-insurance operations. While Buffett had previously indicated Abel as his planned successor, he had not publicly specified the timing of this transition until today.
Buffett, who will be 94 years old at the time of the planned leadership change, noted that he intends to remain involved in the company in some capacity. Both Buffett and Abel disclosed plans to further discuss Buffett’s future responsibilities and formal role at Berkshire Hathaway during the board’s upcoming meeting on Sunday.
Under Buffett’s guidance, Berkshire Hathaway became a fixture of the global investment world, notably participating in significant technology investments such as Apple. Despite selling approximately half of its Apple holdings last year, the tech giant still represents more than 20% of Berkshire’s entire investment portfolio.
