Marking the end of an era, Warren Buffett is stepping down after six decades steering Berkshire Hathaway from a failing textile firm into a $1.2 trillion juggernaut. The Oracle of Omaha has named his successor: Greg Abel, Vice Chairman overseeing non-insurance operations, who will become CEO by year-end.
“I think the prospects of Berkshire will be better under Greg’s management than mine,” Buffett said on Saturday, adding that he has no plans to sell his shares.
While Howard Buffett, Warren’s son, will become Chairman, the 93-year-old icon said he will “hang around and conceivably be useful” after the transition but only in select cases. The final word, on operations, capital deployment, or anything else, will belong to Greg.
Abel, 62, is no stranger to Berkshire’s inner workings. A Canadian by origin, he’s been with the conglomerate for over two decades and currently oversees an enormous slice of its empire—railroads, energy, utilities, manufacturing, and retail. Before joining Berkshire, he built his career in accounting and energy, with stints at PricewaterhouseCoopers, CalEnergy, and eventually MidAmerican Energy, where he rose to CEO.
Today, he inherits a company sitting on nearly $348 billion in cash and a portfolio of high-performing operating businesses. In short, Abel will be piloting a machine built to last and built by a legend.
For investors watching closely, the key question isn’t just who he is, but whether the soul of Berkshire will shift under his leadership. Abel’s answer? Not one bit.
He said it’s the investment philosophy and how Warren and the team have allocated capital for the past 60 years that defines Berkshire Hathaway. That will not change, and it's the approach he will take going forward.
In fact, continuity was the defining message from Abel throughout Berkshire’s annual meeting. He stressed that the company’s reputation, carefully nurtured by Warren Buffett and Charlie Munger, would always remain top of mind. Maintaining the legacy already built will be a critical priority, whether in investing or in how the businesses are operated day to day.
“It’s really the investment philosophy and how Warren and the team have allocated capital for the past 60 years,” he said, adding, “it will not change, and it’s the approach we’ll take as we go forward.”
Abel also highlighted that Berkshire’s hefty cash pile is not just a cushion, but a strategic asset that gives the company a competitive edge. It allows Berkshire to operate without dependency on banks or other external entities—a quiet but powerful position in today’s levered-up corporate world.
Risk management will continue to be a central pillar. Abel pointed out that understanding and managing risk, alongside owning a great set of operating companies that generate strong cash flows, will guide decisions. That mindset echoes Buffett’s own philosophy: avoid big mistakes, play the long game, and let the numbers do the talking.
While the confirmation of Abel’s elevation was news to most of the board—only Buffett’s two children were informed before Saturday—Buffett expressed confidence that the 11-member board will unanimously support the recommendation in the coming months.
The transition has long been anticipated, but Saturday’s meeting made it official. The baton is passing from the most iconic investor of our times to a soft-spoken executive with deep roots in the business. Abel doesn’t command Buffett’s star power or homespun wisdom, but he carries something equally important: the trust of the man who built Berkshire Hathaway into a fortress
“I think the prospects of Berkshire will be better under Greg’s management than mine,” Buffett said on Saturday, adding that he has no plans to sell his shares.
While Howard Buffett, Warren’s son, will become Chairman, the 93-year-old icon said he will “hang around and conceivably be useful” after the transition but only in select cases. The final word, on operations, capital deployment, or anything else, will belong to Greg.
Abel, 62, is no stranger to Berkshire’s inner workings. A Canadian by origin, he’s been with the conglomerate for over two decades and currently oversees an enormous slice of its empire—railroads, energy, utilities, manufacturing, and retail. Before joining Berkshire, he built his career in accounting and energy, with stints at PricewaterhouseCoopers, CalEnergy, and eventually MidAmerican Energy, where he rose to CEO.
Today, he inherits a company sitting on nearly $348 billion in cash and a portfolio of high-performing operating businesses. In short, Abel will be piloting a machine built to last and built by a legend.
For investors watching closely, the key question isn’t just who he is, but whether the soul of Berkshire will shift under his leadership. Abel’s answer? Not one bit.
He said it’s the investment philosophy and how Warren and the team have allocated capital for the past 60 years that defines Berkshire Hathaway. That will not change, and it's the approach he will take going forward.
In fact, continuity was the defining message from Abel throughout Berkshire’s annual meeting. He stressed that the company’s reputation, carefully nurtured by Warren Buffett and Charlie Munger, would always remain top of mind. Maintaining the legacy already built will be a critical priority, whether in investing or in how the businesses are operated day to day.
“It’s really the investment philosophy and how Warren and the team have allocated capital for the past 60 years,” he said, adding, “it will not change, and it’s the approach we’ll take as we go forward.”
Abel also highlighted that Berkshire’s hefty cash pile is not just a cushion, but a strategic asset that gives the company a competitive edge. It allows Berkshire to operate without dependency on banks or other external entities—a quiet but powerful position in today’s levered-up corporate world.
Risk management will continue to be a central pillar. Abel pointed out that understanding and managing risk, alongside owning a great set of operating companies that generate strong cash flows, will guide decisions. That mindset echoes Buffett’s own philosophy: avoid big mistakes, play the long game, and let the numbers do the talking.
While the confirmation of Abel’s elevation was news to most of the board—only Buffett’s two children were informed before Saturday—Buffett expressed confidence that the 11-member board will unanimously support the recommendation in the coming months.
The transition has long been anticipated, but Saturday’s meeting made it official. The baton is passing from the most iconic investor of our times to a soft-spoken executive with deep roots in the business. Abel doesn’t command Buffett’s star power or homespun wisdom, but he carries something equally important: the trust of the man who built Berkshire Hathaway into a fortress
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