Buffett to step down as Berkshire CEO at end of 2025

May 4 - (The Insurer) - Warren Buffett said on Saturday that he will step down as CEO of Berkshire Hathaway at the end of the year, with vice chairman Greg Abel set to take over.

"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 as he wrapped up Berkshire's annual meeting in Omaha .

Buffett said he would still "hang around and conceivably be useful in a few cases" but that the "final word" would be Abel's.

Buffett said Abel and most of Berkshire's board of directors hadn't been aware of his plans prior to the announcement, though Buffett he said he had told his two children who are directors.

Berkshire’s board of directors were set to meet on Sunday to discuss the transition, he said.

Abel, 62, has been a Berkshire vice chairman since 2018, and was named Buffett's expected successor as chief executive in 2021.

"I couldn't be more humbled and honored to be part of Berkshire as we go forth," Abel told shareholders.

Buffett also said he had "zero" intention of selling any of his Berkshire stock, nearly all of which will be donated 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.

The decision to step down comes after a 60-year run where Buffett transformed Berkshire from a failing textile company into a $1.16 trillion conglomerate with businesses across the U.S. economy.

Buffett's own fortune totals $168.2 billion according to Forbes magazine, nearly all of which is in Berkshire stock.