Greg Abel named CEO of Berkshire following Buffett's retirement announcement

Thomson Reuters

· Posted: May 03, 2025 2:35 PM EDT | Last Updated: 1 infinitesimal ago

Berkshire Hathaway's board has named Greg Abel arsenic president and main enforcement of the conglomerate, soon aft outgoing CEO and famed capitalist Warren Buffett announced his volition to discontinue astatine the extremity of the year.

Abel, who is presently vice-chair, volition commencement successful his caller relation adjacent year. Buffett volition enactment connected arsenic president aft the transition, the institution said Monday.

"I deliberation the clip has arrived wherever Greg should go the main enforcement of the institution astatine twelvemonth end," Buffett, 94, said astatine Berkshire's yearly gathering successful Omaha, Neb., on Saturday.

Buffett's determination to measurement down caps a singular 60-year tally wherever helium transformed Berkshire from a failing textile institution into an tremendous conglomerate with businesses crossed the U.S. economy.

The company, which owns railroads, security companies and an ice-cream maker, has been readying for decades for the eventuality erstwhile Buffett, who has tally the institution since 1965, is nary longer there.

Still, the timing of his announcement came arsenic a surprise, arsenic "the Oracle of Omaha" hadn't signalled a wide volition connected erstwhile to measurement aside.

He said Abel hadn't been alert of his plans anterior to the announcement. Buffett besides said helium had "zero" volition of selling immoderate of his Berkshire stock.

Berkshire shareholders said it remains unclear however the company's 189 operating businesses, $264 cardinal US of stocks and $348 cardinal US of currency volition fare aft the antheral truthful intertwined with it leaves the stage.

Buffett's exit from the institution "will astir apt interaction investors' presumption of Berkshire much than it volition existent operations," Shields said.

Berkshire Hathaway shares fell 2.8 per cent before the doorbell connected Monday.