“I think the time has come for Greg to assume the role of chief executive of the company by the end of the year,” Buffett announced at Berkshire’s annual shareholders meeting in Omaha, Nebraska.

Abel, 62, has been vice chair since 2018. 

Buffett has reached the ripe old age of 94, and sees now as the time to pass on his legacy.

Warren Buffett just got a 10 minute long standing ovation after announcing his retirement.

Curtain call for the captain.

🥹

pic.twitter.com/RRk4CpgFZh

— Spencer Hakimian (@SpencerHakimian) May 3, 2025

Buffett said that he was not going to just disappear, though; he would still lurk in the background:

Abel joined the former MidAmerican Energy, now known as Berkshire Hathaway Energy, in 1992, eight years before Berkshire took it over. 

Buffett, 94, said he would “hang around” the conglomerate after retiring as CEO, according to CNBC. 

He said he has no plans to sell his shares in Berkshire Hathaway, which are expected to be donated after his death.

“I would like to add that the decision to retain every share is purely economic because I believe Berkshire’s future will be brighter under Greg’s management than if I were in charge,” he continued. 

Though known as a liberal, the billionaire has been somewhat enigmatic regarding his political views and did not endorse Kamala Harris for president. 

BREAKING: Billionaire Warren Buffet revealed Wednesday that he will not endorse Vice President Kamala Harris or former President Donald Trump ahead of the 2024 election.

Even those that alway endorse the Democrat, like Buffett and the LA Times, can’t bring themselves to endorse…

— MARK SIMONE (@MarkSimoneNY) October 24, 2024

— Jon Erlichman (@JonErlichman) May 3, 2025