Warren Buffett, the 94-year-old chairman and CEO of Berkshire Hathaway Inc., said Saturday he will recommend the company’s board formally appoint Greg Abel as his successor by the end of 2025, marking the most definitive timeline yet for a leadership transition at the $860 billion conglomerate.
“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said at the conclusion of Berkshire’s annual shareholder meeting in Omaha.
Buffett, who has led Berkshire since 1965 and turned it into one of the most valuable firms in the world, added that he intends to remain involved in some capacity. He and Abel confirmed to CNBC that Buffett’s future role will be discussed during the board meeting scheduled for today May 4.
“I would hang around,” Buffett said, signaling that while day-to-day responsibilities may shift, his presence within the company will not disappear entirely.
Abel, 61, currently serves as vice chairman for non-insurance operations, overseeing a broad range of Berkshire’s businesses including energy, railroads, and manufacturing. Buffett had previously identified him as the designated heir, but until now had not specified when the transition would occur.
The announcement comes amid a period of intense focus on succession planning at Berkshire, particularly as investors increasingly scrutinize how the firm will sustain its identity and investment strategy in the post-Buffett era.
While Buffett’s investment approach remains deeply rooted in value principles, Berkshire has not shied away from tech. The firm’s sizable, though recently reduced, stake in Apple Inc. continues to represent over 20% of its equity portfolio, even after halving its position last year.
The board meeting is expected to further outline the leadership structure for 2026 and beyond.
