Warren Buffett will hand over the CEO position at Berkshire Hathaway to Greg Abel in early 2026, but will remain chairman of the board, the American conglomerate announced Sunday. This decision aims to reassure investors about the stability of the empire built by the legendary 94-year-old investor, in a global context marked by economic turmoil and rising trade tensions.
The board of directors unanimously approved the appointment of Greg Abel, currently the group's vice president of non-insurance operations, as its successor as CEO. Buffett surprised everyone on Saturday by announcing that he would step down from his executive role by the end of the year, a major step in the transition of a company he has led for more than 60 years.
At the opening of the markets on Monday, Berkshire Hathaway shares were down more than 2%, a sign of the uncertainties surrounding the post-Buffett era.
Under his leadership, Berkshire grew from a modest Massachusetts textile company into a sprawling conglomerate, including owners of Dairy Queen, the BNSF railroad, and several insurance companies. The stock price climbed almost continuously, with an average annual return of 19,9%, compared to 10,4% for the S&P 500.
There was speculation that Warren Buffett's son, Howard, would be appointed chairman. Buffett had stated that he wanted Howard to succeed him in the role after his death. For now, he will retain his position, while Greg Abel will take over the operational reins of a company facing several challenges: trade tensions, the risk of a split, and a colossal cash pile of $348 billion that must be invested prudently.
Abel, a discreet Canadian hockey enthusiast, is already in charge of many of the group's industrial subsidiaries, but does not yet have control over investment decisions, which remain Buffett's prerogative. Buffett, however, reaffirmed his complete confidence in him: "I have no intention of selling a single Berkshire share. I will give them away one day, but I believe the company's prospects are better under Greg's leadership than under mine."
His personal fortune—estimated at nearly $170 billion—will be managed by his three children, including Howard, who were appointed trustees upon his death. Buffett has already donated tens of billions, notably to the Gates Foundation.
Tributes poured in throughout the weekend. Apple CEO Tim Cook praised Buffett's "unique wisdom," while Jamie Dimon, CEO of JP Morgan, lauded the "integrity, optimism, and common sense" of the man who, in his view, embodied "everything that is best about American capitalism."
