Omaha, NE – May 4, 2025 — In a moment marking the end of an extraordinary era in global finance, Warren Buffett, the legendary investor revered as the “Oracle of Omaha,” has announced his retirement as CEO of Berkshire Hathaway after more than six decades at the helm. Gregory E. Abel, currently vice chairman for non-insurance operations, has been named his successor.
Buffett, 94, made the announcement at Berkshire Hathaway’s annual shareholders meeting in Omaha, Nebraska, where he confirmed his full confidence in Abel’s leadership. “The board will vote on it, but I expect it to be unanimous,” Buffett told attendees.
Abel, 62, has been long considered the heir apparent. His status as Buffett’s successor was first revealed—albeit unintentionally—by the late Vice Chairman Charlie Munger during the 2021 annual meeting. Since then, Abel has remained largely behind the scenes, though he has gradually become a more visible presence at Berkshire’s public events and media interviews alongside Buffett.
A Proven Leader in the Berkshire Ecosystem
Gregory Abel joined Berkshire Hathaway’s Board of Directors in January 2018. His roots with the conglomerate, however, run deeper. He began his career as a chartered accountant at PricewaterhouseCoopers before joining CalEnergy in 1992, which later became part of MidAmerican Energy. That company was eventually renamed Berkshire Hathaway Energy after Buffett’s firm acquired a controlling stake. Abel served as CEO of the energy unit, where he was instrumental in its transformation into one of the nation’s leading utility providers.
Abel's management of Berkshire’s vast non-insurance businesses has been widely praised for its discipline, long-term vision, and alignment with Buffett’s core principles of decentralized management and capital efficiency.
Broader Contributions and Public Service
Beyond his responsibilities at Berkshire Hathaway, Abel serves as president of the Horatio Alger Association of Distinguished Americans, Inc. He also brings significant boardroom experience, having served on the boards of The Kraft Heinz Company, AEGIS Insurance Services, Mid-Iowa Council of the Boy Scouts of America, Drake University, and the American Football Coaches Foundation. He previously held the position of vice chair at Associated Electric & Gas Insurance Services Limited.
Buffett’s Endorsement of Japanese Investments
During the annual meeting, Buffett also took time to reaffirm Berkshire’s commitment to its investments in Japan, highlighting the firm’s increased stakes—now reaching 9.8%—in five major Japanese trading houses: Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo.
“These companies are run efficiently, with excellent management and shareholder-friendly policies,” Buffett noted. “We feel very comfortable with our long-term commitment in Japan.”
A Legacy Handed Over
As Buffett prepares to step down by the end of 2025, the leadership baton passes to Abel, a trusted and proven executive deeply steeped in the Berkshire culture. For shareholders and market watchers, the transition represents continuity and the preservation of a uniquely successful investment philosophy built over generations.
Buffett’s departure from the CEO role may mark the end of an era, but with Gregory Abel at the helm, Berkshire Hathaway appears firmly positioned to carry forward its legacy of disciplined growth, value investing, and decentralized excellence.
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