Warren Buffett, 94, to Retire as CEO of Berkshire Hathaway at Year-End, Greg Abel to Take Over

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Updated May 10, 2025, 09:05 AM

Warren Buffett, the legendary investor known as the 'Oracle of Omaha,' has announced his intention to step down as CEO of Berkshire Hathaway at the end of the year. At 94 years old, Buffett has been at the helm of the conglomerate for 55 years, making him the longest-serving CEO of any S&P 500 company. Greg Abel, who has been designated as Buffett's successor, will assume the role of CEO.

Buffett's decision to retire was revealed during the annual Berkshire Hathaway shareholders meeting, where he also discussed the company's financial position. Berkshire Hathaway's cash reserves reached a record $347.7 billion in the first quarter of 2025, with $42.2 billion in cash and cash equivalents and $305.5 billion in short-term U.S. government bonds. This cash pile represents 29.9% of the company's total assets, a level higher than before the Great Financial Crisis.

The announcement of Buffett's retirement was met with a standing ovation from shareholders. Despite stepping down as CEO, Buffett plans to remain as chairman, indicating his continued involvement with the company. He also pledged not to sell any of his near-14% stake in Berkshire Hathaway, which is valued at over $160 billion.

Greg Abel, currently valued at $1 billion, holds about $175 million in Berkshire Hathaway stock, representing 18% of his net worth. Most of Abel's wealth comes from a 2022 stock buyback where Berkshire acquired his $870 million stake in Berkshire Hathaway Energy, a subsidiary he led from 2008 to 2018.

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Sources

reuters.com(14)bloomberg.com(5)wsj.com(4)bloomberglinea.com(2)

Business Post

@businessposthq

Vincent Boland: Warren Buffett has handed his successor a $348 billion problem https://t.co/vIKnDjlBA3

The Wall Street Journal

@WSJ

Warren Buffett made a splashy bet on Occidental Petroleum. As he heads for the exit, Berkshire Hathaway appears stuck with a souring investment. https://t.co/quQcBiRKNz

Reuters

@Reuters

🔊 Warren Buffett is preparing to step down. In this Viewsroom podcast, @Breakingviews columnists debate the challenge of putting an enviable cash pile to work in the shadow of an investing legend’s track record https://t.co/KNXUUQU6Ld