Berkshire’s legendary investor and long-time CEO Warren Buffett will stay on as chairman. In 2026, Greg Abel, a longtime executive who has long been considered Buffett’s heir apparent, will become the first CEO to reach the top echelons from within the company itself. This transition is creating an important new chapter for the company. Buffett, who has spent the last six decades at the helm of the conglomerate, will relinquish his CEO role by year’s end.
Now at 93 years old, Buffett has made the historic decision to split. He’s appointed Abel, 62, as his successor mainly because of the Canadian-born executive’s long experience and stellar record at Berkshire Hathaway. Known for transforming a small Massachusetts textile company into a massive conglomerate, Buffett has overseen major acquisitions and expansions that now include well-known brands such as Dairy Queen, See’s Candies, and BNSF Railway.
Buffett praised Abel’s leadership potential. In recent comments, Buffett expressed his confidence in Abel’s leadership capabilities. As to holding on to every share, that was an economic calculation too. I think Berkshire will do better in Greg’s hands than in my hands. Overall, this sentiment encapsulates Buffett’s confidence in Abel to continue and even improve upon the legacy he has created throughout his career.
Buffett has shone like a beacon with brilliant investment acumen during his reign. Beyond business, he has thrown himself into philanthropy. He has donated in excess of $40 billion to the Bill and Melinda Gates Foundation. To him, this underlines his deep-rooted belief of returning to society. His personal wealth is an astronomical $170 billion. He’s always been pretty clear that his intention has always been to transmit his wealth rather than sell shares of the company.
“I have no intention — zero — of selling one share of Berkshire Hathaway. I will give it away eventually,” – Warren Buffett
Buffett’s investment strategy has led to the praise and esteem of many globally recognized industry leaders. Apple CEO Tim Cook released a statement of thanks, writing, “It’s been one of the great privileges of my life to know him. On the one hand, see Jamie Dimon, JP Morgan CEO, who called Buffett the embodiment of “everything that is great about American capitalism and America, period.”
Despite his remarkable achievements, Buffett recently noted a cautious approach toward investment opportunities. He understood that there’s little value to be had for Berkshire’s large cash hoard. Currently, those reserves total some $348 billion. This conservative outlook further highlights his strategic state of mind as he looks to position the company for long-term success heading into unknown challenges with new leadership.
Buffett is clearly focused on the long-term. He has selected his heirs, including Howard Buffett, to steward his trust in perpetuity after his own passing. Howard Buffett has equally established his own name through philanthropic efforts—specifically through the foundation that he has used to support humanitarian and food security causes. It’s expected that he would one day succeed to chairman of Berkshire Hathaway upon Warren Buffett’s death.
Buffett’s legacy is further highlighted by his impressive average annual return on Berkshire Hathaway shares, which stands at 19.9%, notably surpassing the Standard & Poor’s 500’s average of 10.4%. His ability to navigate complex market environments has solidified his reputation as one of the most successful investors in history.
