Warren Buffett has been at the forefront of Berkshire Hathaway for the past 60 years. On Saturday, he shared that his time as CEO is nearing its end.

The 94-year-old investing icon made this announcement during the annual shareholder meeting in Omaha, Nebraska. “The time has arrived,” Buffett stated. He verified that Greg Abel, who has long been considered his successor, will likely take over as CEO when he steps down.

“It feels like the right moment for Greg to take over leadership of the company at the end of this year,” Buffett said.

Buffett disclosed that other than his children, the rest of Berkshire’s board—including Abel—were not forewarned. He acknowledged that the news was unexpected even for them. “Greg doesn’t know I’m saying this right now,” Buffett mentioned to the attendees.

While he will relinquish the top executive role, Buffett indicated he will still be available in an advisory capacity when needed.

Buffett’s departure marks the end of a transformative era. Under his leadership, Berkshire Hathaway evolved from a struggling textile manufacturer into one of the largest and most diverse conglomerates in the United States. As of May 2025, the company has a market cap of nearly $1.2 trillion.

Buffett is personally worth nearly $170 billion, per Bloomberg, and is the largest shareholder of Berkshire Hathaway.

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