Warren Buffett, the billionaire investor, stunned shareholders with the unexpected news that he will step down as CEO of Berkshire Hathaway at the end of this year.
The 94-year-old, currently the fifth wealthiest person in the world, revealed the decision during Berkshire’s 2025 annual investor meeting on Saturday.
Back in May 2021, Buffett had named then-vice chairman Greg Abel as his eventual successor but had not specified when the leadership transition would occur.
“I believe the time has come for Greg to become the company’s chief executive officer at the end of this year,” Buffett said at the conference. “That’s what I plan to propose to the board in due time.”
Abel, who already oversees all of Berkshire’s non-insurance operations, is reportedly no longer seen internally as merely a "CEO-in-waiting."
It had long been assumed that Abel would only step into the CEO role after Buffett's passing. Despite turning 95 in August, Buffett had repeatedly said he had no intention of retiring.
The announcement capped off a five-hour Q&A session, during which Buffett declined to answer any follow-up questions about the decision. He noted that only two board members—his children Howard and Susie Buffett—had prior knowledge of the move.
