Warren Buffett, one of the most iconic and admired investors in history, has announced he will retire as CEO of Berkshire Hathaway at the close of 2025, handing the leadership role to Vice Chairman Greg Abel.

This marks the end of an era for Berkshire, where Buffett’s remarkable 60-year tenure turned the firm into a global powerhouse and made him a symbol of American business success and wisdom.

“At this point, I believe Greg should take over as CEO by year-end,” said Buffett, 94, as he concluded Berkshire’s annual gathering in Omaha. Buffett noted he plans to “stick around” in an advisory capacity but emphasized that Abel will have “the final word.”

The announcement sparked waves of admiration from business leaders. JPMorgan Chase CEO Jamie Dimon called Buffett “everything good about American capitalism—investing in our country’s growth with integrity and common sense.” Apple CEO Tim Cook shared on X: “There’s never been anyone like Warren… it’s been a privilege to know him.”

Abel, 62, long groomed as Buffett’s heir, will now step fully into the spotlight. While he may not have Buffett’s celebrity status, Abel is seen as a steady hand to carry forward Berkshire’s unique culture. Buffett revealed that only his two children on the board knew of his decision beforehand; the rest of the board will meet Sunday to plan the transition.

Abel, who has been a vice chairman since 2018, said he was “humbled and honored” to take on the role. Buffett also assured shareholders that he has no plans to sell any of his Berkshire shares, the bulk of which will be donated after his death. “I’m holding every share because I believe Berkshire’s future under Greg will be even brighter than under me,” Buffett said.

A Historic Chapter Closes

Buffett’s retirement caps a stunning journey that saw him transform a struggling textile company into a $1.16 trillion conglomerate spanning insurance, railroads, energy, consumer goods, and finance. Forbes pegs Buffett’s fortune at $168 billion, nearly all in Berkshire stock.

Cole Smead, CEO of Smead Capital, summed up the moment poignantly: “It’s the end of an era. Sad, but part of life.”

Berkshire shares are up 19% this year, easily outperforming the S&P 500’s 3% dip, and investors have long seen Buffett’s leadership as a stabilizing force in uncertain times. Now, questions loom over whether Berkshire will retain its “Buffett premium” once the legend steps aside.

Abel has already been overseeing much of Berkshire’s vast empire, including its 189 subsidiaries. When asked about his approach, Abel noted he would be “more active—but in a positive way.” Buffett added, “Greg can take things even further.”

The famous “Woodstock for Capitalists” weekend in Omaha, which draws tens of thousands, will continue even after Buffett steps down, though many expect attendance to taper off.

Buffett took over Berkshire in 1965, partnering with the late Charlie Munger to build it into an empire that includes Geico, BNSF Railway, Dairy Queen, Fruit of the Loom, See’s Candies, and major stock holdings in Apple, American Express, and Bank of America.

The ‘Oracle of Omaha’ Bows Out

Dubbed the “Oracle of Omaha,” Buffett’s investing genius, frugal lifestyle, and plainspoken charm made him a global icon. While Berkshire stock surged over 5 million percent from 1965 to 2024, Buffett famously still lives in the Omaha home he bought in 1958 for $31,500.

A disciple of Benjamin Graham, Buffett stressed careful valuation and discipline in capital allocation—a strategy that helped Berkshire amass $347.7 billion in cash by March.

Abel, who joined Berkshire Hathaway Energy in 1992 and led it for a decade, faces big questions: how to keep Berkshire growing without overpaying for acquisitions, whether to introduce a dividend, and how to put its vast cash pile to work.

Buffett has already donated more than half his Berkshire shares since 2006, with the rest expected to go into a charitable trust overseen by his children. Howard Buffett, 70, is slated to become Berkshire’s non-executive chairman, ensuring the company’s culture endures.