After nearly 55 years at the helm of one of the world’s significant conglomerates, Warren Buffett, 94, is stepping down as chief executive of Berkshire Hathaway by the end of 2025, officially handing over the reins to Vice Chairman Greg Abel.
The announcement was made during the company’s annual shareholder meeting on Saturday, 3 May 2025, in Omaha, where Buffett, often referred to as the ‘Oracle of Omaha’, shared his decision in front of a live audience of around 40,000 attendees.
Buffett’s successor confirmed
“I think the time has arrived where Greg should become the chief executive of the company at year end,” said Buffett.
Abel has overseen Berkshire Hathaway’s non-insurance business since 2018 and was presumed to become Buffett’s successor in 2021.
While his ascension had long been anticipated, the 2025 announcement marks the first time a formal transition timeline has been shared. Abel appeared visibly surprised during the live announcement.
Under Buffett’s stewardship, Berkshire Hathaway evolved from a struggling textile firm into a $1.16 trillion investment powerhouse, with holdings spanning insurance, energy, consumer goods and tech.
Its portfolio includes marquee names such as Apple, Coca-Cola, Bank of America and American Express.
Despite his retirement, Buffett made it clear to the business.
“I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away,” he said.
Apple CEO Tim Cook was among several global business leaders who praised Buffett’s influence.
“There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom,” Mr Cook wrote on X (formerly Twitter).
There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It’s been one of the great privileges of my life to know him. And there’s no question that Warren is leaving Berkshire in great hands with Greg. pic.twitter.com/7p5zXtq5hP
— Tim Cook (@tim_cook) May 3, 2025
Man behind the empire
Buffett, who bought his first shares at age 11 and filed his first tax return at 13, has long championed a value-driven approach to investing. Despite being the world’s fourth-richest individual, with a net worth of $154 billion (according to Bloomberg), he has lived in the same modest Omaha home for over 65 years.
Berkshire Hathaway today owns over 60 companies, including insurer Geico, battery maker Duracell, and restaurant chain Dairy Queen.
Buffett’s philanthropic track record is equally monumental. He has pledged to give away the vast majority of his fortune and remains a driving force behind The Giving Pledge, alongside Bill and Melinda Gates.
In a nod to current geopolitical tensions, Buffett also used the annual meeting platform to caution against the tariffs.
“It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” he said earlier in the meeting.
“We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best,” he added.
Berkshire Hathaway’s next moves
As an authoritative figure within the organisation and a key driver of its non-insurance businesses, Abel is seen as a steady hand.
Buffett himself, though preparing to step back from day-to-day operations, is expected to maintain an influential presence, especially in the realm.
