BUSINESS DESK: Warren Buffett to Step Down as CEO
Warren Buffett, at 95, ends his 60-year tenure as CEO of Berkshire Hathaway on December 31, 2025.
Greg Abel, a longtime executive, steps in as CEO starting January 1, 2026. Buffett stays on as chairman to guide the company he has transformed since 1965.
Succession Plan in Action
The board unanimously approved this move earlier in 2025, keeping Buffett’s influence intact through his chairman role.
Abel, praised for his management skills, has handled non-insurance operations. Howard Buffett, Warren’s son, is slated for non-executive chairman only after his father’s passing.
From Textiles to Empire
Buffett took control in 1965, shifting from textiles to insurance, railroads, and consumer goods.
His patient, value-driven approach built massive shareholder wealth. The company’s stock soared from $19 to over $700,000 per share under his watch.
Timeless Investment Wisdom
He championed buying quality businesses at fair prices and holding them long-term.
This strategy turned Berkshire into a $1 trillion conglomerate. Investors worldwide study his principles for building lasting wealth.
Emotional Farewell Letter
In a November 10, 2025, letter, Buffett shared gratitude for his long life, calling it a surprise.
He recalled a 1938 appendicitis scare at age eight that nearly ended everything. The message bids adieu to detailed shareholder updates but promises yearly Thanksgiving notes.
Reflections on Luck and Life
Buffett highlighted his Omaha roots and key relationships that shaped his path.
He credited public schools, community ties, and sheer fortune for his success. At 95, he noted declining faculties but a continued love for daily work.
Major Philanthropic Pledge
Alongside the letter, Buffett donated over $1.3 billion in Berkshire stock to four family foundations.
He converted 1,800 Class A shares into 2.7 million Class B shares for distribution. This adds to his lifetime giving, exceeding $50 billion.
Foundation Beneficiaries
- Susan Thompson Buffett Foundation: 1.5 million shares for health and education focus.
- Sherwood Foundation: 400,000 shares supporting Nebraska causes.
- Howard G. Buffett Foundation: 400,000 shares for global hunger and conflict aid.
- NoVo Foundation: 400,000 shares aiding girls and women.
Advice for the Future
Buffett urged learning from errors and choosing heroes wisely. He stressed kindness, the Golden Rule, and appreciating America’s opportunities. His words remind us that character outlasts wealth in a fulfilling life.
What Comes Next
As Abel leads, Berkshire faces questions on maintaining growth without Buffett’s daily input.
Yet his enduring principles and chairman oversight offer continuity. This transition marks not an end, but an evolution for a storied firm.