Berkshire Hathaway CEO, Warren Buffett, to step down from his position.
Warren Buffett Passes the Baton to Greg Abel:
In an unexpected twist, legendary investor Warren Buffett has announced his intention to step down as CEO of Berkshire Hathaway by the end of this year. The 92-year-old, famously known as the 'Oracle of Omaha,' has chosen Greg Abel, chairman of Berkshire Hathaway Energy, as his successor.
Abel, a seasoned executive, has been groomed for this role since 2021. He currently oversees all of Berkshire's non-insurance businesses as the Vice Chairman of Non-Insurance Operations[1][3][4]. Abel joined Berkshire back in 2000, when the company acquired MidAmerican Energy, where he was CEO[3].
Buffett praised Abel, stating, "I think the time has arrived where Greg should become the chief executive officer of the company at year-end"[2]. The announcement was made at the conclusion of Buffett's 60th annual general meeting.
Buffett clarified that his decision isn't about selling his shares. Instead, he plans to keep them and eventually give them away. "I have no intention - zero - of selling one share of Berkshire Hathaway. I will give it away eventually," said Buffett[2].
Interestingly, only two of Buffett's children, Howie and Susie, both Berkshire directors, were privy to this decision. Buffett had previously expressed his intention to "play in extra innings" in 2023[2].
The news marks the end of an era, following the passing of Charlie Munger, Berkshire Hathaway's vice chair, in 2023[2]. The transition symbolizes Buffett's confidence in Abel's ability to steer Berkshire Hathaway into future successes.
Greg Abel, born in Alberta, Canada, is an energy executive and former amateur hockey player. His Profound impact on Berkshire Hathaway, particularly in managing its diverse non-insurance operations, has been a significant factor in his selection as Buffett's successor[3]. He is set to take over as CEO in 2026, following Buffett's retirement by the end of 2025[1][3][4].
- Warren Buffett, the 'Oracle of Omaha', has chosen Greg Abel, the chairman of Berkshire Hathaway Energy, to succeed him as CEO of Berkshire Hathaway by the end of the year.
- Greg Abel, currently the Vice Chairman of Non-Insurance Operations at Berkshire Hathaway, has been groomed for this role since 2021 and joined the company in 2000.
- Buffett praised Abel's leadership skills, stating that the time has come for Abel to become the CEO of the company by the end of the year.
- Buffett clarified that his decision is not about selling his shares but plans to keep them and eventually give them away.
- Abel's profound impact on managing the diverse non-insurance operations of Berkshire Hathaway has been a significant factor in his selection as Buffett's successor.
