Warren Buffett steps down as CEO of Berkshire Hathaway after a remarkable 60-year legacy. The announcement, made during the company’s 2025 shareholder meeting in Omaha, marks the end of one of the most influential eras in global finance.
Buffett, now 94, built Berkshire from a failing textile mill into a $1.1 trillion empire. His decision, though long anticipated, caught many off guard. Even his board and chosen successor were unaware until the live announcement.
Greg Abel Named CEO After Warren Buffett Steps Down
Buffett confirmed that Greg Abel, vice chairman of non-insurance operations, will take over as CEO. Abel has been Buffett’s publicly named successor since 2021.
Originally from Alberta, Canada, Abel began with Berkshire Hathaway Energy in 1992. Over time, he gained control of key operations, including BNSF Railway and Dairy Queen. As a result, many see him as a natural fit to continue Buffett’s long-term, decentralized approach.
Buffett told shareholders, “Berkshire is in very good hands with Greg.” The transition is expected to be smooth, with no major shake-ups in leadership style.
Warren Buffett’s Legacy: Prudence, Philanthropy, and Power
Buffett’s reign is defined by legendary discipline and humility. Under his guidance, Berkshire’s Class A stock rose from $20 to over $800,000.
In addition, Buffett pledged to donate 99% of his fortune. His children will oversee a charitable trust to distribute his wealth after his passing.
This year’s meeting also marked the first without Charlie Munger, Buffett’s long time partner, who died in 2023. As expected, his absence was deeply felt.
Markets React as Warren Buffett Steps Down From Berkshire
Investors responded with confidence. Berkshire’s stock rose 19% in 2025, and the company now holds $347.68 billion in cash reserves.
Meanwhile, Buffett issued cautionary advice on artificial intelligence and government spending. He compared AI risks to nuclear weapons and warned about scams powered by new technologies.
Therefore, he emphasized the need for critical thinking and fiscal responsibility, particularly in uncertain times.
Conclusion: A New Chapter Begins
Warren Buffett steps down, but his legacy continues. Greg Abel’s promotion signals stability. Berkshire Hathaway’s foundation remains solid, built on principles of trust, value, and long-term thinking.
Ultimately, while the Oracle of Omaha exits the stage, his investment wisdom will guide the company — and the world — for years to come.