Buffett Bows Out: Greg Abel Set to Lead Berkshire Hathaway into the Future

A pivotal transition was announced in Omaha as Warren Buffett revealed plans to recommend Greg Abel as the next CEO of Berkshire Hathaway by year’s end. Though Abel was named Buffett’s successor in 2021, the announcement came as a surprise to the tens of thousands of shareholders who attended the annual meeting, expecting to hear Buffett’s familiar insights on the company’s path forward.

Buffett shared that only two of the company’s 11 board members—his children, Howie and Susie—knew of the decision in advance. He explained that the rest of the board would be officially informed at the next meeting. As he enters his mid-90s, Buffett expressed confidence that the time was right for Abel to take over the reins of the vast enterprise he has built over more than 60 years.

Since purchasing a struggling textile mill in 1965, Buffett has transformed Berkshire into a $1.2 trillion conglomerate with holdings across insurance, transportation, energy, and more. Though stepping down as CEO, Buffett intends to remain involved in an advisory role. However, he emphasized that going forward, full control over company decisions and capital strategy would rest with Abel, who currently oversees the non-insurance operations.

Buffett, Berkshire’s largest shareholder with over $160 billion in stock, affirmed he would not sell a single share, expressing deep confidence in Abel’s leadership. He noted that retaining his shares was an economic decision, reflecting his belief that Berkshire's future under Abel would be even brighter than under his own leadership. Despite needing a cane, Buffett remained impressively sharp during a four-hour Q&A session.

He also spoke highly of Abel’s strong managerial work ethic and effectiveness in handling the company’s more than 60 subsidiaries. Buffett admitted that Abel’s proactive approach has led to better results than his own, describing him as a dedicated leader who is deeply engaged in the operational aspects of the business—something Buffett had grown less interested in over time.

Greg Abel, a Canadian executive from Edmonton, Alberta, joined Berkshire in 2000 through its acquisition of MidAmerican Energy and rose to become CEO of that unit in 2008. With a background in growing energy businesses and a long-standing commitment to Berkshire’s value investing principles, Abel assured shareholders he would continue Buffett’s disciplined approach to capital allocation. Berkshire’s $347 billion cash reserve, he noted, would be used with the same patience and precision that defined Buffett’s tenure.