Warren Buffett, the 94-year-old investment legend, has announced he’ll step down as CEO of Berkshire Hathaway by the end of 2025.
Buffett revealed this during the company’s annual shareholder meeting, attended by tens of thousands of investors.
He plans to recommend Greg Abel, currently vice chairman and his chosen successor, to take over as CEO.
Buffett said, “I think it’s time for Abel to take the reins.”
He’ll remain involved, but Abel will have the final say on operations, investments, and appointments.
Who is Greg Abel?
Abel was born in Canada and grew up in a working-class neighborhood in Edmonton, Alberta.
He studied accounting at the University of Alberta, graduating top of his class.
After working at PwC, Abel joined CalEnergy, a client of the firm, and eventually became its senior executive.
In 1999, CalEnergy changed its name to MidAmerican Energy Holdings Company, with Abel as its president.
By 2018, he was appointed vice chairman of Berkshire Hathaway, overseeing non-insurance businesses.
Abel’s leadership turned MidAmerican into Berkshire Hathaway Energy, now worth over $90 billion.
The company is a major US wind energy producer with subsidiaries in the US, UK, Canada, and the Philippines.
A Smooth Transition
Many investors expect Abel to maintain Buffett’s conservative business approach.
At a recent shareholder meeting, Abel said, “We have a special company in Berkshire, but it’s the culture that makes it special, and that won’t change.”
Su Dantzenberg, Berkshire’s lead independent director, noted that Abel has been increasingly involved in major investment decisions.
Abel is already handling key responsibilities, and within the company, he’s seen as more than just the CEO-in-waiting.
Sources include CBS News and MSN.