After 55 years, Warren Buffett, 94, will step down as Berkshire Hathaway's CEO on January 1, 2026, with Greg Abel succeeding him. Buffett made the unexpected announcement at the company's annual meeting, citing his age. He will remain chairman and continue working from Omaha. Buffett acknowledged that he noticed he was forgetting names, wobbling more, and watching his younger successor Greg Abel “accomplish in a 10-hour day” what he no longer could, Buffett knew it was time. Berkshire Hathaway, a massive conglomerate with holdings like GEICO and Apple, ranks high on the Fortune lists.

Buffett said the realization became “irreversible.” The move was announced unexpectedly at the company’s annual meeting on May 3, 2025, and even took Abel by surprise.

Greg Abel, a Canadian-born executive, joined Berkshire in 1999 through its acquisition of MidAmerican Energy Holdings Company. He rose through the ranks to become CEO of Berkshire Hathaway Energy and was appointed vice chairman in 2018. Buffett has long praised Abel's capabilities, stating, "Really great talent is rare. It's rare in business. It's rare in capital allocation. It's rare in almost every human activity you can name."

Buffett will remain as chairman of Berkshire's board, despite stepping down as the CEO and plans to continue working from the company's Omaha, Nebraska office. He emphasized that his investment acumen remains sharp and that he intends to be "useful" during times of market volatility, saying, "I'm not going to sit at home and watch soap operas. My interests are still the same."

Berkshire Hathaway is a massive American conglomerate based in Omaha, Nebraska, best known for its long-time leader, Warren Buffett. Berkshire Hathaway ranks 5th on the Fortune 500 list of the largest U.S. companies by total revenue and 9th on the Fortune Global 500. It is also one of the top ten components of the S&P 500 and one of the largest employers in the United States. Its Class A shares hold the highest price per share of any publicly traded company in the world, surpassing $700,000 in August 2024. Buffett transformed it into one of the world’s most powerful holding companies after taking control in 1965. Today, Berkshire owns a wide range of businesses, including GEICO, BNSF Railway, and Dairy Queen, and holds major investments in companies like Apple, Coca-Cola, and American Express. With nearly 400,000 employees and a market value of over $1 trillion, it has become a symbol of long-term, value-driven investing.

The transition is set to take effect on January 1, 2026, with Abel officially stepping in as the CEO. The move has been met with a mix of surprise and support from shareholders and industry peers. Apple CEO Tim Cook expressed his admiration, stating, "There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom."