Warren Buffett Steps Down as Berkshire Hathaway CEO, Greg Abel to Take Over in 2026

Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, has announced his decision to step down from his role as CEO. This transition comes as Buffett acknowledges the physical challenges that come with aging. He has mentioned experiencing occasional loss of balance, difficulty remembering names, and declining vision. However, Buffett emphasizes that his cognitive abilities remain sharp, and he is still capable of making sound investment decisions.

Buffett, who will turn 95 this year, has been the CEO of Berkshire Hathaway for decades. He announced his decision to step down during the company's annual shareholder meeting in May. The board of directors unanimously voted to appoint Greg Abel, the current vice chairman of non-insurance businesses, as the next CEO, effective January 1, 2026. Buffett praised Abel's managerial skills and efficiency, noting that Abel's performance and work ethic have become increasingly evident. Buffett's decision to step down is not due to a decline in his mental acuity but rather a recognition of the physical limitations that come with age. He reassures that he will continue to be an active participant in the company's decision-making processes, especially during times of market turmoil.

Buffett's health remains good, and he continues to feel well each day. He plans to stay in the office and work alongside his team, maintaining his role as a key figure in Berkshire Hathaway's operations. His decision to step down as CEO is a strategic move to ensure the company's continued success under new leadership while allowing him to focus on areas where his expertise and experience can still make a significant impact. Buffett will continue to serve as the chairman of the board and remain actively involved in the company.

Greg Abel, who was born in 1962, has been with Berkshire Hathaway since 1999. He joined the company through its investment in MidAmerican Energy, a public utility company based in Des Moines, Iowa. Abel has since risen through the ranks, becoming the vice chairman of non-insurance businesses in 2018 and the designated successor to Buffett as CEO. Abel's most significant achievements have been in the utility sector, where he has led Berkshire Hathaway Energy to become one of the largest electricity producers in the United States. His expertise in infrastructure and energy acquisitions has been instrumental in the company's growth and success.

Buffett's decision to step down as CEO is a significant moment for Berkshire Hathaway and the investment community. However, his continued involvement as chairman and his sharp cognitive abilities ensure that the company will continue to benefit from his wisdom and experience. Buffett's legacy as one of the most successful investors of all time is secure, and his influence on Berkshire Hathaway will continue to be felt for years to come.