Warren Buffett, the 94-year-old American investor, will resign as CEO at the end of the year, continuing as chairman of Berkshire Hathaway’s board, the company announced on Monday.
After a board vote this past weekend, Buffett will officially step down as chief executive of Berkshire Hathaway, the eighth-largest company globally by market capitalization, on January 1, 2026. He will pass the leadership to Greg Abel, the current vice-chairman.
This decision, proposed by Buffett, marks the end of his tenure—over five decades of steering a highly regarded investment group—transforming it into a significant financial powerhouse.
“It’s time for Greg to take my place as chief executive at the end of the year,” Buffett stated during the annual shareholders meeting in Omaha, the Nebraska city where Berkshire is based.
Abel, aged 62, was appointed to succeed Buffett in 2021. The board unanimously confirmed his new role in a vote on Sunday, as noted in a statement released on Monday.
Once a small textile company, Berkshire Hathaway has transformed into a vast conglomerate under Buffett’s guidance, now valued at over a trillion dollars on the stock market.
Buffett is known for investing in stable companies he has thoroughly evaluated over time, which has helped him amass one of the largest fortunes in the world.
Today, his conglomerate owns numerous businesses, including Duracell and the US insurance firm GEICO, along with shares in carefully selected companies like Coca-Cola and Bank of America.
Just before Wall Street opened, Berkshire Hathaway’s stock saw a drop of about 3.2%.
