Warren Buffett Names Successor Greg Abel, Plans CEO Transition

At Berkshire Hathaway’s annual shareholder meeting, Warren Buffett, known for his modest lifestyle and unconventional habits, defended his love for junk food and lack of exercise, joking that these choices have not harmed his longevity. Buffett, who still lives in the same house he bought in 1958 and enjoys simple meals like McDonald's and Coca-Cola, emphasized that happiness and personal satisfaction matter more than conforming to typical health or luxury standards. He announced plans to step down as CEO by year’s end, recommending Greg Abel as his successor—a choice supported by his children, who describe Abel as trustworthy, brilliant, and reminiscent of Buffett himself. Abel has gradually taken on a more public role, especially following the passing of longtime vice chairman Charlie Munger, and is recognized for his keen business acumen and strong oversight. Buffett’s investment philosophy has centered on long-term, buy-and-hold strategies, eschewing extravagance and focusing on building Berkshire Hathaway into a diverse conglomerate with major holdings in companies like Coca-Cola and Kraft Heinz. As he transitions leadership, Buffett’s approach and values remain deeply embedded in the company’s culture and future direction.