OMAHA, Neb. — Warren Buffett, the folksy billionaire who turned a failing textile mill into a global investment juggernaut, dropped a bombshell at Berkshire Hathaway’s annual shareholder meeting on May 3. The 94-year-old, known for his cherry Coke-sipping, Dairy Queen-munching ways, announced he’s stepping down as CEO by year’s end. Greg Abel, his handpicked successor, will take the helm, marking the end of an era for the company dubbed the “Woodstock for Capitalism.”
Buffett, who’s been at the wheel since 1965, didn’t mince words. He’s passing the baton to Abel, 62, a steady-handed executive who’s been running Berkshire’s non-insurance businesses since 2018. The move’s been in the works for years—Buffett’s been grooming Abel, a Canadian energy exec, as his heir apparent. Still, the news landed like a thunderclap in Omaha’s CHI Health Center, where thousands of shareholders hang on his every word.
The meeting, held on May 3, was vintage Buffett. He shuffled onto the stage, cracked jokes, and fielded questions for hours, his white hair catching the spotlight. He nibbled on a Dairy Queen ice cream bar—Berkshire owns the chain, naturally—and tossed newspapers for the cameras, a nod to his days as a paperboy. But the headline was clear: the Oracle of Omaha, the guy who made billions betting on American giants like Coca-Cola and Apple, is calling it quits.
Abel’s no stranger to the Berkshire faithful. He’s been a fixture at the annual meetings, sitting alongside Buffett and Vice Chairman Charlie Munger, who died in 2023 at 99. Abel’s track record includes steering Berkshire’s sprawling empire of utilities, railroads, and retail through choppy waters. He’s known for his low-key style and laser focus on operations, a contrast to Buffett’s folksy charm and market wizardry.
Berkshire Hathaway, with a market value north of $900 billion, isn’t just a company—it’s a behemoth. It owns chunks of American Express, Geico, and BNSF Railway, plus a stock portfolio that could make Wall Street blush. Buffett’s knack for spotting undervalued companies and holding them for decades built a fortune bigger than some countries’ GDPs. His annual letters to shareholders are studied like gospel by investors worldwide.
The transition comes at a pivotal moment. Berkshire’s sitting on a cash pile of $189 billion, and its stock has lagged the broader market in recent years. Abel inherits a company that’s still a powerhouse but faces questions about its next act. Can he match Buffett’s dealmaking flair? Will he shake up the portfolio or stick to the Oracle’s buy-and-hold playbook?
Buffett’s exit isn’t a total farewell. He’ll stay on as chairman and keep managing Berkshire’s investments, at least for now. But the CEO role, the one that made him a legend, is Abel’s to fill. Shareholders left Omaha buzzing about what’s next for a company that’s been synonymous with one man for six decades.
The announcement was formal, filed with the SEC on May 3, confirming Abel’s appointment effective January 1, 2026. Berkshire’s board, long prepared for this day, unanimously backed the move. No government papers or regulatory hurdles were flagged—Buffett’s been planning this handoff with the precision of one of his stock picks.
In Omaha, the mood was bittersweet. Shareholders snapped selfies with Buffett cutouts and scooped up See’s Candies, another Berkshire brand. They know the company’s changing. Abel’s era starts soon, and while the Oracle’s shadow looms large, the stage is set for a new chapter.