New York May 4 2025: In an announcement that many investors knew was coming but didn’t believe would actually happen, famed investor Warren Buffett said Saturday at Berkshire Hathaway’s annual shareholder meeting that he would step down as CEO at the end of the year.
Greg Abel would take over at that point, pending board approval, and Buffett said he would not sell one share of Berkshire stock. Abel, the vice chairman of non-insurance operations of Berkshire, was designated as Buffett’s successor in 2021. Buffett will remain as chairman before turning that role over to his son, Howard Buffett, upon his death.
“Greg should become the chief executive officer of the company at year-end, and I want to spring that on the directors effectively,” Buffett said at CHI Health Center in Omaha, Nebraska.
Buffett said only his children knew he would be stepping down.
The thousands in attendance gave Buffett a standing ovation.
Buffett, 94, was expected to discuss his succession plans at the event. He has been with Berkshire Hathaway (BRK.B) since it was formed in 1965.
