Warren Buffett to Hang His Boots As Berkshire Hathaway CEO After 55 Years, Proposes Greg Abel as Successor

At the end of of Berkshire Hathaway’s latest annual shareholders meeting in Omaha on May 3, renowned investor and CEO, Warren Buffett declared his intention to hang his boots and retire by the end of the year, marking an end to his six-decade stint at the company’s top spot.

Furthermore, Buffett proposed to formally recommend Greg Abel as the next CEO to Berkshire Hathaway's board.  “I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said simply, without inviting questions. The decision had been kept close as only his children, Howard and Susie Buffett, both board members, were told in advance. Even Abel, sitting right next to him on stage, was not made aware of it in advance.

Long seen as Warren Buffett’s likely successor, Greg Abel is now set to take the helm at Berkshire Hathaway, overseeing not only its vast non-insurance empire, which he already manages, but also the group’s legendary insurance operations and massive investment decisions, both of which were previously managed by Buffett.

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Despite stepping down, the 94-year-old Buffett reassured shareholders of his deep confidence in Berkshire’s future. “I have no intention of selling even one share of Berkshire Hathaway. I will give it away eventually,” he said, adding, “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg's management than mine.” His remarks were met with a standing ovation from the thousands in attendance in Omaha.

End of an Era, Start of a New Chapter

Under Buffett’s leadership, Berkshire delivered a staggering 19.9% annual compounded returns, nearly double the S&P 500’s 10.4% over the same stretch. His investment decisions carried global weight, and his influence extended far beyond Wall Street.

Greg Abel's promotion signals a major generational shift, but not an unexpected one. Abel, while not the public figure Buffett is, is respected within Berkshire for his rigorous, detail-oriented approach.

Still, Abel faces a different reality than Buffett did. He doesn’t hold a sizable personal stake in Berkshire, a key source of Buffett’s authority and long-term alignment. However, as Berkshire enters a new phase, the spotlight now shifts to Abel, and to how he will carry forward the legacy of the Oracle of Omaha.