Warren Buffett to remain Berkshire chairman despite CEO change

• Published On: 06 May 2025 at 05:37

The Berkshire Hathaway board overwhelmingly voted on Sunday to select Greg Abel as president and CEO beginning January 1, 2026, with Warren Buffett, 94, continuing chairman.

Buffett stunned both shareholders and Abel by revealing during the final minutes of the company's annual shareholder meeting on Saturday that he would request that the board replace him as CEO at the end of the year, with Abel, the current vice chairman of noninsurance businesses, as his successor.

Buffett, who is both chairman and CEO, did not specify whether he would also stand aside as chairman at the time, but he did say he would be available to help where required.

He did, however, emphasise that Greg Abel, 62, will retain final authority over corporate operations and capital deployment until the transition is complete.

Buffett's extended involvement as chairman may comfort shareholders that the "Oracle of Omaha" will help Abel with any large purchase opportunities, especially in uncertain markets. This is especially crucial given that the company, which Buffett has overseen since 1965, has more than $347 billion in cash.

"I could be helpful, I believe, in that in certain respects, if we ran into periods of great opportunity or anything," Buffett was quoted as saying Saturday.

Abel has been Buffett's designated CEO successor since 2021.

Berkshire shares fell around 2% in premarket trading, despite Buffett's announcement that he would step down as CEO and the company's slightly dismal earnings over the weekend.