One of the most iconic eras in American business is officially coming to a close. Warren Buffett, the legendary investor and financial statesman who transformed a struggling textile firm into a trillion-dollar empire, has announced he will step down as CEO of Berkshire Hathaway by the end of 2025.
Buffett, who will turn 95 this summer, made the bombshell announcement at Berkshire’s highly anticipated annual shareholder meeting. His pick to carry the torch? Vice Chairman Greg Abel—a longtime lieutenant groomed for the role over the past several years.
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“I think the time has arrived where Greg should become the chief executive of the company at year end,” Buffett stated at the meeting.
The crowd erupted in applause, delivering a standing ovation that lasted several minutes. For many in attendance, it was a moment of historic significance—a changing of the guard after six decades of Buffett’s steady hand guiding the firm through market booms, busts, and everything in between.
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