Warren Buffett, Chairman and CEO of Berkshire Hathaway, shocked shareholders by announcing a leadership transition at the company’s AGM on Thursday. He revealed his intention to step down from the company at the end of this year. As a new CEO, he suggests Greg Abel to the company’s board. Who is this person? What did Buffett say? Will he be appointed? Let’s explore everything.
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Successor of Warren Buffett: Greg Abel.
Warren Buffett, while speaking at Berkshire Hathaway’s Annual General Meeting (AGM) 2025, announced revealing his intention to step down from his position by the end of 2025. He suggested to Berkshire Hathaway’s Board to onboard Greg Abel as a new CEO by the year-end.
“I think the time has arrived where Greg should become the chief executive officer of the company at year’s end, “81 years 81-year-old Buffett announces in the meeting. He further adds he would still “hang around and conceivably be useful in a few cases.”
“Greg would be the chief executive officer of Berkshire. I would still hang around and be useful in a few cases, but the final word would be what Greg said, “Warren Buffett says. He further explains his intentions to sell the company’s shares, “I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away.”
The announcement of the Leadership transition comes at a time when Warren Buffett has surpassed 91 years of age. He has been a controlling shareholder of Berkshire Hathaway since 1965, and has been its Chairman and CEO since 1970.
He was a director of The Kraft Heinz Company until April 2018. He brought his 55 years of experience to the company’s board as board director and Chief Executive Officer (CEO).
Greg Abel: Next CEO of Berkshire Hathaway.
Greg Abel, a 62-year-old and 25-year stalwart at Berkshire, will be the successor of Warren Buffett. As the Vice Chairman, Analysts, and Investors anticipate him to be a capable man to manage Berkshire. For the past seven years, Abel has been managing Berkshire-led BNSF railroad, See’s Candies, and Dairy Queen, simultaneously handling other manufacturing and retail businesses acquired by Warren.
Greg Abel was born on June 1, 1962, in Edmonton, Alberta, Canada. As a child, he enjoyed Hockey and Football. Abel says, “We played hockey nearly every day in summer and winter and stayed out until we were called in for dinner.”
In 1984, he earned a bachelor’s degree in accounting from the University of Alberta. Following his bachelor’s degree, he joined PricewaterhouseCoopers in Edmonton, and then in 1992, he joined CalEnergy, a geothermal electricity provider. He significantly contributed to taking the business internationally.
In 1999, CalEnergy acquired MidAmerican Energy to adopt its name, and later that year, Berkshire Hathaway acquired it. In 2008, Abel was promoted as CEO of MidAmerican, and the company was renamed as Berkshire Hathaway in 2014.
In January 2018, Greg Abel was appointed as Vice Chairman of Berkshire Hathaway Inc. Currently, he supervises Berkshire’s non-insurance ventures, including BNSF, Berkshire Hathaway Energy, and numerous chemical, Industrial, and retail operations. Bun now, on May 3, 2025, it was announced that he will become the successor to Warren Buffett as the Chief Executive Officer of Berkshire Hathaway.
According to Reuters’ report, in 2021, Greg Abel was first named as Buffett’s successor for the chief executive position.
Greg Abel: Will be Appointed As CEO or Not?
In most companies, the CEOs are appointed with the consent of the Board of Directors, who are elected by investors. Birkshire’s Board of Directors consists of 13 members; to be appointed as CEO majority of the members should favour.
“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, “Warren Buffett says.
According to an AP report, investors express confidence in Abel’s capability to lead Berkshire, though his investment prowess remains untested. Buffett demonstrated his faith in Abel during Saturday’s announcement by committing to maintain his financial stake in the company.
Praise Poured From CEOs and Investors.
This announcement of Buffett led a huge praise from investors and executives.
“Warren Buffett represents everything that is good about American capitalism and America itself – investing in the growth of our nation and its businesses with integrity, optimism, and common sense, “said Jamie Dimon, CEO of JPMorgan Chase & Co.
Chief Executive of Google, Tim Cook, wrote in a X post, “There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It’s been one of the great privileges of my life to know him.”
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