For ads-free news, click here.
Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, announced at the company’s annual shareholder meeting that he will step down at the end of 2025 after holding the role for over five decades.
Greg Abel, currently Vice Chairman overseeing non-insurance operations, will succeed him. Buffett, 94, emphasized his confidence in Abel’s leadership and stated he has no plans to sell his shares, which are intended for charitable donation after his death.
Abel, 62, has been with Berkshire Hathaway since 1992, starting at CalEnergy, which evolved into Berkshire Hathaway Energy. He became CEO of MidAmerican Energy in 2008 and was appointed Vice Chairman in 2018. Buffett had previously identified Abel as his successor in 2021.
Buffett’s tenure transformed Berkshire Hathaway from a struggling textile company into a $1 trillion conglomerate, with holdings in companies like Geico, BNSF Railway, and significant stakes in Apple and Bank of America. Under his leadership, the company’s stock value increased by over 5,502,284% since 1965. Buffett’s announcement marks the end of an era for Berkshire Hathaway. While he will step down as CEO, he plans to remain involved in some capacity, ensuring a smooth transition as Abel takes the helm.
At the meeting, Buffett also criticized the use of tariffs as a trade weapon, implicitly referencing policies from the Trump administration. He advocated for cooperative global trade and cautioned against protectionism.
Warren Buffett receives a standing ovation from a sold-out arena as he announces he will be stepping down from CEO at Berkshire Hathaway.
Buffett has been CEO for 55 years, making him the longest-serving CEO of any S&P 500 company.
Truly incredible. pic.twitter.com/EZd25RR3is
— The Kobeissi Letter (@KobeissiLetter) May 3, 2025
The Dennis Michael Lynch Podcast archive is available below. Never miss an episode. Subscribe to the show by downloading The DML News App or go to Apple Podcasts.
