Although Warren Buffett, the legendary 94-year-old investor, will step down as CEO of Berkshire Hathaway at the end of 2025, he will remain Chairman of the company’s Board of Directors.
According to CNBC, in a recent board meeting, Berkshire Hathaway’s directors voted to appoint Vice Chairman Greg Abel as CEO, effective January 1, 2026. Buffett will continue serving as Chairman, remaining involved in the company’s strategic direction.
The announcement follows the company’s annual shareholder meeting on May 3 in Omaha, where Buffett told tens of thousands of shareholders that he plans to relinquish the CEO role by the end of next year. At the time, he did not clarify whether he would stay on as Chairman but mentioned he might still offer support to Berkshire in certain cases, while emphasizing that final decisions would be in Abel’s hands.
CNBC notes that Buffett retaining the Chairman role could reassure shareholders, as the “Oracle of Omaha” would still be available to guide major investment decisions during uncertain market conditions.
Greg Abel, 62, was officially named Buffett’s successor in 2021. He currently oversees Berkshire’s insurance operations and is considered deeply familiar with the company’s various business segments.
This leadership transition marks a significant shift after over six decades of Buffett steering Berkshire Hathaway from a struggling textile firm into a $1.16 trillion investment empire spanning businesses across the U.S. As of the end of Q1 2025, the company holds a record cash reserve of nearly $348 billion—an increase of over $13.5 billion compared to year-end 2024. This reflects Buffett’s growing caution in identifying viable investment opportunities amid market uncertainty.
The company has refrained from buying back any shares for three consecutive quarters and has reported net stock sales for ten straight quarters, totaling nearly $4.7 billion. In its latest financial report, Berkshire cited tariffs and geopolitical tensions as contributing to “significant uncertainty,” noting that the full impact of these factors remains unpredictable.
Buffett will turn 95 in August. Meanwhile, Abel—who has long been seen as Buffett’s natural successor—is preparing to take over the CEO role, ensuring continuity in leadership while marking a new era for Berkshire Hathaway.
