In a defining moment for one of the world’s most storied investment firms, Warren Buffett announced during Berkshire Hathaway’s annual shareholder meeting that he will step down as CEO at the end of 2025, naming Vice Chairman Greg Abel as his successor.
Buffett, 94, made the announcement at the close of a nearly five-hour Q&A session, surprising even his longtime deputy seated beside him on stage. Despite past assertions that he would work until death or incapacity, Buffett told thousands in attendance that the time had come to begin a new chapter for the company. “I think the time has arrived where Greg should become the Chief Executive Officer of the company at year-end,” he said. “I want to spring that on the directors effectively and then get that as my recommendation. I think they’ll be unanimously in favor of it.”
The succession plan had long been expected but not confirmed until now. Abel, who oversees all of Berkshire’s noninsurance operations, was widely considered Buffett’s heir apparent since being publicly identified as such in 2021. Still, the timing caught many off guard, including Abel himself. About an hour after the announcement, Abel returned alone to oversee the formal business meeting, expressing gratitude and humility: “I just want to say I couldn’t be more humbled and honored to be part of Berkshire as we go forward.”
Buffett emphasized that he remains healthy and has no intention of leaving the company entirely or selling any of his shares. “I will not, I have no intention — zero — of selling one share of Berkshire Hathaway,” he said. “It will get given away, gradually.” He stressed that this decision was not sentimental, but practical: he believes Berkshire’s prospects under Abel’s leadership are strong. “The decision to keep every share is an economic decision, because I think the prospects of Berkshire will be better under management than mine.”
The announcement came during a weekend that attracts tens of thousands of shareholders to Omaha each year. This time, with speculation mounting about Buffett’s age and the company’s future, the event carried additional emotional significance. Attendees included well-known figures like Hillary Clinton, and some traveled from around the world to witness what many feared might be Buffett’s final public appearance in his role. One such fan, Haibo Liu from China, camped overnight to be first in line. “He has helped me a lot. I really want to express my thanks to him,” Liu said.
Though the CEO transition was the major headline, Buffett also addressed broader concerns about the global economy and U.S. trade policy. In particular, he criticized former President Donald Trump’s use of tariffs, saying, “It’s a big mistake, in my view, when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done.” While acknowledging the importance of balanced trade, Buffett advocated for global cooperation, asserting that prosperity worldwide leads to a safer and more stable environment.
Despite warning signs in global markets and U.S. politics, Buffett reiterated his enduring optimism about the future of America. “If I were being born today, I would just keep negotiating in the womb until they said, ‘You could be in the United States,’” he quipped, drawing laughter from the crowd.
Shareholders also pressed Buffett on why Berkshire is holding a staggering $347.7 billion in cash. His answer was pragmatic: “I just don’t see many attractively priced investments that I understand these days.” But he reassured investors that opportunities would eventually arise. “We will be bombarded with opportunities that we will be glad we have the cash for.”
Buffett’s departure as CEO marks the end of a 60-year era defined by steady leadership, principled investing, and shareholder loyalty. Yet his enduring faith in Berkshire Hathaway’s future — and in Greg Abel’s stewardship — sets a tone of continuity. While a generational transition is underway, Buffett’s legacy and values are firmly embedded in the company’s foundation.
For investors, this moment represents both a farewell to an icon and the beginning of a new chapter — one shaped by trust, preparation, and the lasting influence of Warren Buffett himself.
