Greg Abel on track to become Warren Buffett successor as Berkshire Hathaway CEO by end of year

Greg Abel

Warren Buffett, the 94-year-old investment legend and longtime CEO of Berkshire Hathaway, revealed on Saturday that he will relinquish his CEO title by the end of 2025, formally beginning a new generation of leadership with Greg Abel, the Wall Street Journal reported.

Abel, 62, is Berkshire's vice chairman for noninsurance businesses and has for a long time been regarded as Buffett's selected heir. The handover, talked about for decades but up to now without a set timetable, will be complete after next week's board meetings, Buffett announced at the close of Berkshire's annual shareholders meeting.

From the prairies of Canada to the inner circle of Omaha

A native of Edmonton, Alberta, Abel spent his childhood far from Wall Street and was a kid when Buffett assumed control of Berkshire in 1965. He started his ascent at MidAmerican Energy in Iowa, where he was president before Berkshire bought a majority stake in 1999. Throughout the decades, Abel became a reliable second-in-command, assisting with big deals and building Berkshire's vast portfolio of energy, utility, and industrial companies.

Even with his significant influence in the conglomerate, Abel has kept a very low profile—particularly in contrast to Buffett's friendly public image.

Unexpected timing, but much-anticipated transition

Although Berkshire initially publicly identified Abel as Buffett's heir in 2021, the timing of Saturday's announcement caught even Abel off guard, according to individuals familiar with the company. Buffett stated that he intends to officially put his suggestion before Berkshire's board at a meeting on Sunday and hopes it will be approved shortly thereafter.

In his shareholders' letter of February 2025, Buffett had also suggested that the handover was nearing, saying, "At 94, it won't be long before Greg Abel replaces me as CEO." He complimented Abel's management skills and transparency, adding: "If you start fooling your shareholders, you will soon believe your own baloney and be fooling yourself as well."

Buffett supplemented, "Greg will be more successful than I have been, and if I said otherwise, my nose would grow."

Same Berkshire values, different style

In contrast to Buffett, who has enjoyed fans with his pop culture appearances and widely circulated annual letters, Abel will likely embrace a more restrained and operationally oriented leadership style. Insiders predict that he will have a more active role in overseeing Berkshire's varied companies, which range from insurance to railroads, utilities, consumer brands, and energy.

Abel has accompanied Buffett on stage during previous shareholder gatherings but has otherwise kept a low profile, in keeping with his humble style. Nevertheless, his extensive

experience and familiarity with Berkshire's business culture have earned him the complete trust of Buffett and the board.

Looking ahead

Berkshire Hathaway enters its next phase with an all-time high $348 billion in cash even as it must navigate a changing economic environment and succession issues beyond the CEO position. Although Buffett will stick around in the near future—presumably as chairman—Abel's appointment seals the company's future leadership.

For investors and the wider investment community, the end of Buffett's time at the top represents a seismic event. But with Abel in charge, the conglomerate seems likely to maintain its central philosophy: prudent management, long-term vision, and unrelenting commitment to shareholders.