Warren Buffett, the renowned chairman and CEO of Berkshire Hathaway, announced his intention to retire from the chief executive position, effective next year. The announcement, made this past weekend, marks a significant transition after more than 50 years at the helm.
Greg Abel, currently the vice chairman of non-insurance operations at Berkshire, has received unanimous endorsement from the board to become Buffett’s successor. Abel is set to officially take over as CEO on January 1, 2026.
Since January 2018, Abel has led Berkshire Hathaway’s non-insurance operations and is also the chairman of Berkshire Hathaway Energy, overseeing subsidiaries that include PacifiCorp, Northern Natural Gas, and BHE Renewables.
With a solid background in the energy sector, Abel’s career includes key roles at CalEnergy and MidAmerican Energy Holdings Company, further solidified when CalEnergy acquired MidAmerican in the late 1990s.
Abel joined Berkshire in 1999 following the acquisition of a controlling interest in MidAmerican Energy and ascended to the role of CEO at the firm after previously serving as its president at the time of the deal. His professional journey began at PricewaterhouseCoopers, where he started his career post-college, as noted by the Horatio Alger Association of Distinguished Americans, where he serves as president.
Originally from Canada, Abel earned a commerce degree from the University of Alberta.
Buffett has consistently expressed confidence in Abel’s capabilities, affirming him as the top choice for succession. In earlier statements, Buffett remarked to Finance Newso in 2021 that the board was united in their belief that Abel would be the one to step in immediately should an emergency arise.
In his 2023 letter to shareholders, Buffett affirmed Abel’s readiness, stating, “In all respects, he is ready to be CEO of Berkshire tomorrow.” More recently, in his 2024 letter, he indicated that the time for Abel to step into the role is nearing, remarking that “it won’t be long before Greg Abel replaces me as CEO and will be writing the annual letters.”
Buffett will remain as chairman of the board when Abel transitions into the CEO position at the beginning of the upcoming year.
The conglomerate has demonstrated strong financial performance, reporting total revenues of $89.7 billion for the first quarter. As of late Monday morning, Berkshire’s market capitalization stood at over $1 trillion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BRK.A | BERKSHIRE HATHAWAY INC. | 775,605.00 | -33,745.00 | -4.17% |
| BRK.B | BERKSHIRE HATHAWAY INC. | 516.21 | -23.11 | -4.28% |
