Omaha, Nebraska — Warren Buffett, the iconic CEO of Berkshire Hathaway, has announced he will step down at the end of the year, with Greg Abel set to take over as CEO on January 1, 2026. The announcement, made during Berkshire’s annual shareholder meeting, followed a unanimous vote by the company’s board of directors endorsing Abel as Buffett’s successor.
Buffett, who has led Berkshire Hathaway for 55 years, will continue to serve as chairman of the board. In his address to shareholders, the 94-year-old business magnate expressed confidence in Abel’s capabilities, stating, “I think the time has arrived where Greg should become the chief executive of the company at year end.”
Abel, 62, has been a key figure at Berkshire Hathaway for years, currently serving as vice chair of non-insurance operations since 2018. He also leads Berkshire Hathaway Energy, an operation Buffett has previously described as one of the company’s “jewels.” Abel’s appointment comes as shareholders look for continuity in the investment strategies that have shaped the conglomerate’s success.
During the meeting, Abel reassured stakeholders of his commitment to maintaining a robust balance sheet that allows for significant investments without reliance on external financing. Unlike Buffett’s often hands-off approach, Abel is known for a more direct management style that has garnered respect within the company.
Born in Canada, Abel graduated from the University of Alberta in 1984 with a degree in commerce. His career began with PwC, but he quickly transitioned to CalEnergy, which later became Berkshire Hathaway Energy following its acquisition by Buffett’s company in 1999. Rising through the ranks, Abel took over leadership of the energy segment in 2008.
Abel’s business acumen is matched by his community involvement; he has served on several boards, including Kraft Heinz, and has been active in various philanthropic organizations. His approachable demeanor has been noted by those who see him in everyday environments, such as local hockey rinks, where he supports his son’s practices.
As Buffett prepares to hand over the reins, the transition is not merely about shifting leadership. It embodies a transfer of legacy and values inherent in Berkshire Hathaway’s ethos. In a 2024 report, Buffett remarked on Abel’s understanding of the responsibilities that come with leadership, highlighting the importance of transparency and honesty in communications with shareholders.
With the future of Berkshire Hathaway in capable hands, investors and stakeholders remain optimistic about the company’s direction under Abel’s guidance. The company’s underlying principles, shaped by decades of Buffett’s leadership, are expected to endure as it embarks on this new chapter.