Warren Buffett has spent the last 60 years of his storied career at the helm of Berkshire Hathaway. On Saturday, he announced his tenure as CEO was coming to a close.
The 94-year-old investing legend made the announcement during the company’s annual shareholder meeting in Omaha, Nebraska. “The time has arrived,” Buffett said. He confirmed that Greg Abel, long seen as his likely successor, is expected to assume the role of CEO once he steps down.
“It feels like the right moment for Greg to take over leadership of the company at the end of this year,” Buffett said.
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Buffett revealed that aside from his children, the rest of Berkshire’s board—including Abel—had not been informed ahead of time. He admitted the announcement came as a surprise even to them. “Greg doesn’t know I’m saying this right now,” Buffett told the crowd.
While he will relinquish the top executive role, Buffett indicated he will still be available in an advisory capacity when needed.
Related: I Work With Warren Buffett. He’s Probably the Smartest Person in the World — Here’s the Best Advice He’s Given Me.
Buffett’s departure marks the end of a transformative era. Under his leadership, Berkshire Hathaway evolved from a struggling textile manufacturer into one of the largest and most diverse conglomerates in the United States. As of May 2025, the company has a market cap of nearly $1.2 trillion.
Buffett is personally worth nearly $170 billion, per Bloomberg, and is the largest shareholder of Berkshire Hathaway.
This is a breaking news story. Check back for updates.
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