Warren Buffett Announces Successor

Warren Buffett Announces Successor

Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, revealed at the company’s annual meeting in Omaha that Greg Abel, his long-time lieutenant, will take over the reins of the trillion-dollar conglomerate once 2025 concludes.

 This marks the end of a 55-year era that saw Buffett transform a struggling textile mill into one of the world's most valuable companies.

The 94-year-old Buffett confirmed that the board will formally vote on the transition after its May 4 meeting, although he plans to maintain his significant multibillion-dollar stake and remain available for consultation. Abel, currently Berkshire Hathaway's vice-chair and energy chief, will assume responsibility for capital allocation and operations.