Warren Buffett Resigns as Berkshire Hathaway CEO After Historic 60-Year Leadership

OMAHA, Neb. — Warren Buffett, the legendary investor who transformed Berkshire Hathaway from a struggling textile mill into a $1 trillion-plus conglomerate, announced his resignation as chief executive officer on Wednesday, ending one of the most remarkable runs in American business history after more than six decades at the helm.

The 95-year-old Buffett made the announcement during a special meeting of Berkshire’s board, confirming that Greg Abel, 63, who has been groomed as his successor for years, will assume the CEO role effective immediately. Buffett will remain chairman of the board, ensuring continuity during the historic leadership transition.

In a statement released by the company, Buffett expressed gratitude to Berkshire’s shareholders, employees and managers. “Berkshire has been my life’s work, and it has been an incredible privilege to lead this remarkable organization for so long,” he said. “The time has come to pass the baton to Greg, who is exceptionally well prepared to guide Berkshire into its next chapter. I have full confidence in his leadership and the incredible team around him.”

The news sent ripples through global financial markets. Berkshire Hathaway Class A shares, which trade at over $700,000 each, dipped slightly in early trading before recovering as investors digested the long-anticipated transition. Analysts described the move as expected but still emotionally significant for investors who have come to view Buffett as synonymous with the company.

Buffett took control of Berkshire Hathaway in 1965 when it was a failing New England textile manufacturer. Through his value-investing philosophy — buying high-quality businesses at reasonable prices and holding them for the long term — he built one of the most valuable companies in the world. Under his leadership, Berkshire’s stock delivered compounded annual returns of approximately 20% for decades, turning thousands of ordinary investors into millionaires through patient, disciplined ownership.

The “Oracle of Omaha,” as Buffett is affectionately known, became a cultural icon. His annual shareholder letters were devoured by investors worldwide for their wisdom, wit and plain-spoken advice on business, investing and life. The Berkshire annual meeting, often called the “Woodstock of Capitalism,” drew tens of thousands of pilgrims to Omaha each year to hear Buffett and his longtime partner Charlie Munger dispense investment wisdom.

Munger, Buffett’s closest confidant and vice chairman, passed away in 2023 at age 99. His death marked the beginning of the end of an era, with Abel increasingly taking on more visible leadership roles. Abel, who joined Berkshire through its MidAmerican Energy subsidiary, has overseen the company’s non-insurance operations and earned Buffett’s trust through decades of steady, principled management.

Greg Abel’s ascension has been carefully planned. Buffett has publicly praised Abel’s business acumen, integrity and alignment with Berkshire’s distinctive culture of decentralization, long-term thinking and ethical conduct. In his 2024 shareholder letter, Buffett explicitly named Abel as his successor, ending years of speculation about who would lead the company after him.

The transition comes at a pivotal time for Berkshire. The company holds a massive cash position exceeding $180 billion, giving it significant firepower for acquisitions or share repurchases. Its diverse portfolio includes insurance giants GEICO and Berkshire Hathaway Reinsurance, railroads (BNSF), utilities (Berkshire Hathaway Energy), and iconic consumer brands like See’s Candies, Dairy Queen and Fruit of the Loom.

Buffett’s resignation ends an unparalleled chapter in corporate America. His influence extended far beyond Berkshire — shaping generations of investors, business leaders and even public policy through his advocacy for higher taxes on the wealthy and philanthropic efforts. Through the Giving Pledge, which he co-founded with Bill Gates, Buffett has committed the vast majority of his fortune — currently estimated at over $130 billion — to charitable causes, primarily through the Bill & Melinda Gates Foundation.

The news of his departure elicited tributes from across the business and political worlds. Microsoft co-founder Bill Gates called Buffett “one of the greatest investors and most generous philanthropists of our time.” JPMorgan Chase CEO Jamie Dimon described him as “a once-in-a-generation figure whose wisdom shaped modern capitalism.” President Donald Trump posted on Truth Social: “Warren Buffett is a legend. He built something incredible. Congratulations on an amazing career!”

For Berkshire shareholders, the transition raises important questions about the company’s future without its iconic leader. Buffett’s approach — buying wonderful businesses run by wonderful people and letting them operate with autonomy — has been central to Berkshire’s success. Abel has pledged to maintain this culture while bringing his own perspectives to capital allocation and strategic direction.

Early indications suggest continuity rather than radical change. Abel has emphasized Berkshire’s decentralized model and long-term focus in recent public appearances. However, investors will be watching closely for any shifts in investment philosophy, dividend policy or approach to acquisitions as the new CEO settles in.

The annual shareholder meeting on May 2 in Omaha will take on special significance this year. It will be Abel’s first as CEO, though Buffett is expected to attend and participate. The event, which typically draws tens of thousands of attendees, will serve as both a celebration of Buffett’s legacy and an introduction to Berkshire’s next chapter.

Buffett’s resignation does not mean the end of his influence. As chairman, he will continue to provide guidance and oversight. His substantial ownership stake — still over 15% of the company’s voting power — ensures his voice will remain important in major decisions.

For generations of investors who grew up reading Buffett’s letters and attending the annual meetings, today’s news marks the closing of a golden era. Yet many express confidence that Berkshire’s unique culture and strong bench of operating managers will allow the company to thrive under new leadership.

As Warren Buffett steps away from day-to-day leadership after more than six decades, his extraordinary legacy — built on integrity, patience and rational decision-making — will continue to inspire investors and business leaders around the world for generations to come.

The Oracle of Omaha may be stepping down as CEO, but his influence on American capitalism and the art of investing is permanent. Berkshire Hathaway enters a new era, but the principles that guided it for 60 years are expected to endure.