From CNBC: 2025-05-04 07:21:00

Warren Buffett, 94, announced Greg Abel as his successor as CEO of Berkshire Hathaway at the annual meeting. Buffett transformed the company since acquiring it in 1965. Abel, 62, will maintain Berkshire’s value investing style and manage the $347 billion cash reserve. Buffett will stay on to assist, but final decisions will rest with Abel.

Buffett and Abel will discuss Buffett’s formal role at a board meeting Sunday. The board is expected to unanimously approve Abel as CEO. It is unclear if Abel will also assume the chairman role. Buffett previously mentioned his son would become chairman after his death. The move surprised and impressed directors, with hopes Buffett can mentor Abel like Charlie Munger.

The announcement of Abel as Buffett’s successor at the annual meeting ended with a standing ovation for Buffett. The decision marks the end of an era for the company. Buffett expressed confidence in Abel’s ability to lead Berkshire and continue its successful track record. Shareholders showed support for the transition.

Read more: Berkshire’s Warren Buffett to retire, asks board to replace him with Greg Abel