Warren Buffett steps down as CEO of Berkshire: Who to lead conglomerate

Famous businessman and philanthropist Warren Buffett announced his decision to step down as CEO of Berkshire Hathaway Inc. at the company's annual meeting in Omaha, USA. He named 62-year-old Greg Abel, the company's vice president since 2018, as his successor.

"I think the time has arrived where Greg should become the chief executive officer of the company at year end," Buffett, 94, said on Saturday, adding he would still "hang around and conceivably be useful in a few cases" but that the "final word" would be Abel's.

Surprise for successor

The announcement took the board of directors by surprise, "even Greg Abel himself," but it received praise from company CEOs and investors. Western media noted that Abel had long been considered the most likely successor to Buffett, someone who could preserve the conglomerate's culture.

However, according to Buffett, Abel, and most of the board members were unaware of his plans until the announcement, although the 94-year-old businessman had shared his decision with his two children, who are also directors.

Buffett's plans

Buffett also shared that the Berkshire board will meet on Sunday to discuss the management transition.

Additionally, Buffett stated that he has "zero intention" of selling any of his Berkshire shares, and almost all of them will be transferred after his death.

"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," Buffett said.

Berkshire's growth under Buffett's leadership

Over the decades, Warren Buffett turned Berkshire Hathaway Inc. into a business worth over $1.16 trillion. He also became a famous billionaire known for his investment acumen and wit.

Berkshire rapidly grew throughout the years under Buffett's leadership. He selected acquisitions and stocks for the company's portfolio alongside his trusted advisor and vice-chairman, Charlie Munger, who passed away in 2023 at the age of 99.

The conglomerate acquired a "remarkable assortment" of businesses, which Buffett often described as reflecting the broader US economy.

According to Forbes, Buffett's personal wealth stands at $168.2 billion, with nearly all of it tied up in Berkshire shares.

Many investors regarded the conglomerate and Buffett's leadership as a "safe haven" amid uncertainties surrounding the economy and President Donald Trump's tariff policies.

In the summer of 2022, Warren Buffett’s son Howard, traveled to Kyiv on an ordinary train.

In April 2023, Ukraine’s President Volodymyr Zelenskyy met with American businessman and philanthropist Howard Buffett, thanking him for his support of Ukraine.