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Warren Buffett has announced his intention to step down as the CEO of Berkshire Hathaway by the end of the year.
The announcement was made today, Saturday, May 3, 2025, during Berkshire Hathaway’s annual shareholder meeting.
Buffett, who is currently 94 years old (born August 30, 1930), stated that he will recommend to the Berkshire Hathaway board that Greg Abel should become the CEO at the end of the year. Abel has long been considered Buffett’s likely successor and already oversees all of Berkshire’s non-insurance businesses.
Buffett indicated that he will “hang around” to help but that Abel will have the final decision-making authority. He also expressed his confidence in Abel’s leadership, stating, “I think the prospects of Berkshire will be better under Greg’s management than mine.”