From Yahoo Finance: 2025-05-03 15:55:00

Warren Buffett announced Greg Abel as his successor at Berkshire Hathaway’s annual meeting, recommending him for CEO by year-end. The board will meet Sunday to consider. Buffett plans to stay on as an advisor. He affirmed his decision not to sell shares, showing confidence in Abel’s leadership.

Berkshire Hathaway’s market cap soars over $1 trillion, with Warren Buffett set to step down and Greg Abel to take over as CEO by year-end. Buffett’s decision follows the passing of his long-time partner Charlie Munger in 2023. Abel has been confirmed as Buffett’s successor since 2021.

Abel, raised in Edmonton, Canada, graduated from the University of Alberta in 1984. He joined MidAmerican Energy in 1992, which was later acquired by Berkshire Hathaway. Abel took charge of non-insurance businesses and was confirmed as Buffett’s successor. Berkshire’s lead director praised Abel’s leadership skills.

Buffett’s decision to step down and appoint Greg Abel as CEO marks a significant transition at Berkshire Hathaway. Abel’s background in energy and leadership within the conglomerate’s non-insurance businesses make him a fitting choice for the role. Berkshire’s board and shareholders have expressed confidence in Abel’s ability to lead the company into the future.

Read more: Warren Buffett says Greg Abel should take over as Berkshire Hathaway CEO by year’s end