Warren Buffett, the legendary CEO of Berkshire Hathaway, has announced he will retire from his position at the end of 2025. While stepping down as CEO, he will continue to serve as the chairman of the board.

Successor Designated

Buffett’s successor, 62-year-old Greg Abel, has been officially appointed to take over as CEO in 2026. The company’s board of directors approved this decision, aligning with Buffett’s long-term plan for leadership transition.

Role of Greg Abel

Greg Abel will assume oversight of the company’s insurance divisions and will manage the allocation of its cash investments. Since 2018, Abel has been responsible for all non-insurance businesses under the Berkshire Hathaway umbrella, positioning him well for his new role.

Warren Buffett’s Legacy

Buffett’s tenure at Berkshire Hathaway spans over six decades, during which he transformed the company from a modest textile manufacturer in Massachusetts into a diversified conglomerate. This conglomerate includes notable brands such as Dairy Queen, See’s Candies, and BNSF Railway.

Throughout his career, Buffett has focused on philanthropy, distributing substantial portions of his wealth, estimated at nearly $170 billion. His philanthropic efforts include significant donations to the Gates Foundation and various family-operated foundations.

Since he began his philanthropic journey in 2006, the Gates Foundation alone has received over $40 billion in contributions from Buffett.

Future Plans for His Wealth

Looking forward, Buffett has indicated that his children will determine the distribution of his remaining fortune after his passing, emphasizing that the Gates Foundation will not receive further donations at that time.