People watch as Berkshire Hathaway chairman Warren Buffett is seen on a screen speaking at the Berkshire Hathaway Inc annual shareholders' meeting, in Omaha, Nebraska, US, May 3, 2025.
Credit: Reuters Photo
Warren E Buffett has been at the forefront of American capitalism for decades as the CEO of Berkshire Hathaway, the conglomerate he built into a $1.1 trillion colossus.
By the end of the year, he is preparing to give up that role.
Buffett said at Berkshire’s annual shareholder meeting Saturday that he plans to ask the company’s board to approve making Gregory Abel, his heir apparent, the CEO by the end of the year.
Abel would have “the final word” when it comes to the company’s operations, how it invests and more, Buffett, 94, told the tens of thousands of Berkshire shareholders at the meeting in Omaha, Nebraska.
But Buffett added he “would still hang around and conceivably be useful in a few cases.” He will remain chair of Berkshire — turning that role over to his son Howard Buffett upon his death — and remains the company’s single biggest shareholder, with a roughly 14 per cent stake that is worth about $164 billion.
Buffett’s plan, which he said had been known only to two of his children who sit on the company’s board, Howard and Susan Buffett, was greeted by a minute-long standing ovation by Berkshire shareholders. Abel, 62, appeared surprised by his boss’s announcement.
Although Buffett looked in good health, changes to this year’s annual meeting — his 60th at Berkshire — reflected his advancing age. He used a cane and shortened the shareholder question session by several hours.
If the board approves the plan, it would signify the end of an era for one of the most successful companies in modern capitalist history and one of its most famous investors. Buffett has amassed a Midas-like fortune by being a savvy stock picker, buying up companies and holding them for the long term. Through that investing philosophy, he assembled a conglomerate that runs a huge insurance operation, a major railroad and dozens of consumer companies and oversees a vast stock portfolio.
Among Berkshire’s most notable holdings are names many consumers recognize: auto insurer Geico, the BNSF railroad, power utility Berkshire Hathaway Energy, Dairy Queen, See’s Candies, Fruit of the Loom, paint company Benjamin Moore and private jet company NetJets. Together, those businesses helped Berkshire grow a cash hoard that now sits at nearly $348 billion, more than the stock market valuation of McDonald’s.