Warren Buffett, known as the ‘Oracle of Omaha’ and one of the world's greatest investors, has confirmed that he will step down as CEO of Berkshire Hathaway by the end of 2025. His successor is Greg Abel, a 62-year-old Canadian who has worked closely with Buffett for years.
The announcement comes after long speculation. In fact, back in 2021, Charlie Munger, Buffett’s longtime business partner, accidentally revealed Abel as the chosen successor during Berkshire's annual meeting. Since then, shareholders have seen more of Abel through meetings and media events. While he keeps a low profile, Abel has quietly been preparing for the top job.
The Berkshire Hathaway board will vote to confirm Greg Abel as the new CEO. Buffett expects the board to fully support the decision. Once confirmed, Abel will take charge of the vast empire that Berkshire has built—covering railroads, energy companies, food brands like Dairy Queen and See’s Candies, and stock investments worth billions.
He will also lead a workforce of nearly 400,000 people around the world.
The board of Berkshire Hathaway has spent years preparing for this transition. They say Abel has a deep understanding of how the company operates and strong leadership skills. Buffett himself once said the company was lucky to have him.
Still, following in Buffett’s footsteps is no easy task. The company has grown so large that making big investment moves has become more difficult. One of Abel’s main jobs will be to preserve what makes Berkshire unique—its decentralised structure. This means the many companies under Berkshire are trusted to run on their own, with little interference from the top.
Buffett and Munger have often said this structure is based on trust, honesty, and independence. “Greg will keep the culture,” Munger once remarked.
Abel is likely to stay in Iowa even after taking over as CEO. Buffett himself always kept things simple, working with a small team and focusing on reading and making smart decisions. Abel is expected to continue in that spirit—steady, humble, and committed to Berkshire’s unique way of doing business.