Warren Buffett Steps Down as Berkshire Hathaway CEO, Greg Abel Assumes Role

Warren Buffett, at 94, announced he will step down as CEO of Berkshire Hathaway by the end of the year, ending a six-decade leadership tenure. His longtime lieutenant Greg Abel, 62, who has been with Berkshire for 25 years and oversees the company's non-insurance businesses including energy and railroads, is set to succeed him as CEO. Buffett praised Abel as a "natural" leader with the energy, brainpower, and temperament to run the sprawling conglomerate, emphasizing Abel's steady approach during market panics and his alignment with Berkshire's values and investment philosophy. Abel, a Canadian and former accountant, is recognized more as a strategic business builder than a stock picker, having grown Berkshire Hathaway Energy into one of the company's largest units. Despite the leadership change, Buffett will remain chairman and plans to stay involved in certain opportunities, signaling continuity and stability. The transition has been well-anticipated by the market, with Berkshire Hathaway's stock outperforming the S&P 500 this year, reflecting investor confidence in Abel's leadership.