In a significant shift within the corporate landscape, the venerable investor Warren Buffett has revealed plans to step down as CEO of Berkshire Hathaway (BH) by the close of 2025.
During a shareholders meeting held on Saturday, the 94-year-old Buffett made this announcement after a question-and-answer session, though he refrained from discussing his future plans in detail.
Buffett, who has piloted BH for an impressive 55 years, holds the title of the longest-serving CEO among S&P 500 companies.
“Tomorrow, we’re having a board meeting of Berkshire, and we have 11 directors. Two of the directors, who are my children, Howie and Susie, know of what I’m going to talk about there,” he informed the audience, which was filled to capacity.
“The rest of them, this will come as news to, but I think the time has arrived where Greg should become the chief executive officer of the company at year end.”
Watch:
“The time has arrived…
“…where Greg should become the Chief Executive Officer of [Berkshire Hathaway] at year-end.”
Warren Buffett broke the news at the close of the $BRK annual meeting. He’d only told his family – Greg Abel himself didn’t know!
Greg will have all… pic.twitter.com/KRMmxkyi6t
— Compound248 (@compound248) May 3, 2025
Following the announcement, Buffett was met with an enthusiastic 10-minute standing ovation from shareholders, a fitting tribute to his decades of leadership.
Warren Buffett just got a 10 minute long standing ovation after announcing his retirement.
Curtain call for the captain.
— Spencer Hakimian (@SpencerHakimian) May 3, 2025
Buffett expressed his intention to propose Greg Abel as his successor to the board of Berkshire Hathaway.
CNBC reports that despite Abel being named as the designated successor back in 2021, the formal announcement of Buffett’s retirement caught many in the room, including Abel himself, completely off guard during this year’s annual meeting, where attendees eagerly anticipated Buffett’s insights into the company’s future.
